Renters across the UK are panicking about falling behind on payments, with online searches for ‘rent arrears’ soaring by nearly 9% in the last three months.
Data from Zero Deposit, a tenancy deposit alternative, reveals a growing sense of dread among tenants who are desperately Googling how to deal with overdue rent and their rights in the housing market.
The study, based on Google Trends, shows an 8.6% spike in searches for ‘rent arrears’ and a 3.7% jump for ‘tenant rights’.
Experts say it’s a clear sign renters are feeling the squeeze, worried about keeping a roof over their heads while landlords face rising costs too.
FUEL TO THE FIRE
The recent buzz around the Renters’ Rights Bill has also added fuel to the fire, with search interest in the term rocketing by a whopping 340%. The bill, which Labour introduced in September, promises big changes, including scrapping Section 21 ‘no-fault’ evictions and introducing periodic tenancies to protect renters.
Even the controversial Section 21 evictions themselves are grabbing attention, with a 15.6% hike in searches as renters scramble to understand what’s coming.
STAMP DUTY SHOCK
It’s not just tenants feeling the heat. Landlords are reeling after the Autumn Statement introduced changes to stamp duty, leading to a staggering 594.1% spike in searches for “Additional rate stamp duty.”
Experts say these changes could discourage landlords from investing in rental properties, potentially putting even more pressure on an already tight rental market.
As Westminster debates the Renters’ Rights Bill and economic pressures keep mounting, the rental market looks set for even more turbulence. For renters, it’s about knowing their rights and staying afloat, while landlords must grapple with new rules and rising costs.
TOUGH TIMES AHEAD
Sam Reynolds, CEO of Zero Deposit, says: “The current rental market landscape is undergoing some potentially monumental changes and so it’s understandable that tenants and landlords are both growing increasingly interested in their rights and the changes that could be made as a result of the Renters’ Rights Bill.
“An increased interest in rent arrears is a potentially worrying sign and could indicate that more existing tenants are struggling to manage the high cost of renting, whilst landlords are also concerned about the protection in place to ensure they maintain a consistent stream of rental income.”
LANDLORD WORRY
And he adds: “There’s an overarching worry that the Renters’ Rights Bill could drive landlords out of the sector, which would further exacerbate the current supply issues facing the rental market.
“Indeed, fewer tenants would need to worry about falling into arrears if landlords were encouraged to remain within the sector, thus maintaining a robust level of available stock and preventing rents from spiraling.”
