Money Wellness
A worried private renter puts her head in her hands as she goes through her bills
category iconHousing
calendar icon22 Aug 2023

Half of private tenants ‘could only cover their rent for a month if they lost their job’

One in two workers who privately rent their home in England wouldn’t have enough savings to pay their housing costs for more than a month if they lost their job, according to new research. That’s 3.2 million adults who are just one paycheck away from falling behind with their rent.

The report from Shelter also found 34% of renters (2.2 million) wouldn’t be able to pay any rent at all if they lost their job.

Private renting costs at all-time high

Private rents are currently at an all-time high, according to government figures. And 55% of private renters have had their rent put up in the last year. As a result, 37% (2.1 million) are struggling to make or behind with their payments.

Call for more social housing

Shelter is calling on the government to build more social housing. They say social housing offers long-term, secure tenancies with rents set in line with local incomes.

Other benefits of social housing

Further research from the charity shows:

  • 76% of social renters in England say they could not afford to stay in their local area without their social home
  • 67% of social renters say they have a safe, stable and secure home
  • 53% of social renters say they’ve been able to stay close to family and friends because of social housing
Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

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