A staggering 86% of the UK renting population are concerned by the cost of living
The UK has seen a sky rocket in rental prices over the last 10 years. Rents have risen by a staggering 63% over the last decade, and for most, the cost of renting will take up at least half of their income (it is estimated this is two-thirds for Londoners). With such astronomical costs, it’s hardly surprising that 86% of the UK renting population is concerned by the rising cost of living.
To better understand the motivations and concerns of the modern-day renter, Vaboo conducted a first-of-its-kind survey into the major concerns of the UK renting population. The survey was made up over 1000 respondents, aged between 18 – 65+ who rent privately, via social housing or within the Build to Rent sector. Those surveyed were not Vaboo users.
What is abundantly clear is that the UK renting population irrespective of age, region or gender, are constantly on the look-out on where and how they can save money.
All survey respondents expressed interest in discounts and offers that could help them save money on their daily expenses. Interestingly, where renters are most interested in saving money is on day-to-day necessities; household bills (79%), groceries (77%) and transport (43%).
The report found a direct correlation between concerns around the rising cost of living and saving money on day-to-day necessities. Those aged between 35-44 are the most concerned age group (88%), and those most interested in saving on groceries (79%). The same is true of the South West, the UK region most concerned by the rising cost of living (91%), is the most interested in saving money on groceries (86%) and household bills (87%).
Unsurprisingly, more than half of London renters would like to be able to save money on transport costs (58%). And rather stereotypically, women are more interested in saving money on groceries (81%) than their male counterparts (72%).
Interestingly, even with such high rental costs, nearly three-quarters (74%) of UK renters would be happy to pay higher rent if this meant they had access to discounts or offers that reduce the cost of necessities such as household bills, groceries and transport.
Across the UK, spending when it comes to leisure activity is less of a priority. As little as 36% of UK renters are looking for ways to reduce spending when it comes to holidays and only 26% looking to save on health and fitness activities indicating that saving on day-to-day necessities takes precedence for UK renters.
Alongside today’s survey, Vaboo have also launched The Renter Sentiment Map – a first-of-its-kind publicly available tool mapping out the opinions of 3,000 UK renters. The Renter Sentiment Survey is made up of data from a balanced set extracted from the Renter Sentiment Map’s 3,000 renter respondents.
Jonathan Stein, CEO of Vaboo, explains, “The rising cost of living has long been an area of concern – and rightly so. Rent prices show no signs of decreasing, so renters are looking for ways to save money in all other areas of their lives. The number of UK renters are on the rise, and so too, is the opportunity for accommodation providers. However, if providers do not implement measures to help counter their renters concerns they will find themselves falling behind the pack.”
Vaboo, develop perk and engagement platforms for rented accommodation providers in order to help their client’s give their renters exclusive access to money-saving offers that combat affordability concerns.
Other interesting survey stats include;
● The older you get the least concerned you are by the rising cost of living. Concern peaks for the 35-44 year old age bracket (88.6%) and steadily declines after this age bracket; 45-54 (87.6%), 55-64 (73.7%), 65+ (76.5%)
● East Anglians are the least concerned region in the UK when it comes to saving money on household bills (73%)
● Just under a quarter of Londoners would pay higher rent if they had access to communal space (24%). This is in stark comparison to the Welsh (ranked second best) only 6% of which would be happy to pay more for.
● 40% of Yorkshire & Humber renters are happy for increased rent if it meant they had access to a coffee shop
● When it comes to leisure time, a third of those living in London would like help with reducing the cost of health and fitness spending and would also like access to discounts that ease the financial pressures of socialising (40%)