Renters cannot afford a much needed holiday as rent ‘has skyrocketed’

With rents continuing to rise across the UK amidst an ongoing housing crisis, data from leading flatshare site, SpareRoom, has revealed that renters are sacrificing summer holidays due to these inflated costs.

As we enter peak summer holiday season, the data from SpareRoom reveals that increased rental costs have put a dampener on renters’ holiday plans, with three quarters (75%) saying rising costs have impacted their ability to plan for a summer break this year.

Almost three quarters of renters (72%) surveyed said they’d be taking fewer holidays this year due to a lack of funds, and 43% said they may not go on holiday at all. What’s more, less than one in ten (9%) renters say they couldn’t currently afford to go on holiday to their dream destination, as costs continue to rise.

94% of renters said they were financially affected by increased rental costs, and with the average UK room rent at £740 (surging to £983 in London), it’s unsurprising that Brits have less disposable income to spend on holidays this year**.

Matt Hutchinson, Director at SpareRoom, added, “It’s been a tough time for renters over the last couple of years, as rental costs have continued to climb. The prospect of a summer holiday has probably never been more appealing, especially with the wet ‘summer’ weather we’re having, but for many renters, that’s far from a given.

“Ironically, one of the key factors contributing to rising rents is the fact that landlords are leaving the residential market, while the number of holiday lets in the UK has skyrocketed. With a new government taking over, it’s about time the current housing crisis was addressed, or renters will be looking to move to other countries for cheaper rents, not holidays.”