Lettings chief claims “renting negatively impacts life”

A prominent supplier of deposit alternatives to lettings agents has come out and said that “renting negatively impacts quality of life, stress and hopes for the future.”

Sam Reynolds, chief executive of Zero Deposit, comments: “Life is often stressful regardless of your living arrangements or what stage of life you are at. 

“However, it’s clear from our research that those within the rental sector are largely less positive about their quality of life, under more stress as a result of renting and, as a result, have less hopes for the future. The results perfectly summarise the challenges for tenants; a stable income and certainty of living arrangements.    

“The Build To Rent sector is going some way in addressing this issue, but at the same time, the rental values related to these developments tend to be higher than the regular Buy To Let sector. So while it alleviates one concern, it arguably adds to the financial burden facing many renters. 

“It’s a tough place to be for those who don’t choose to rent as a lifestyle choice, as not only do they face ever increasing rents and the high initial cost of securing a rental property, but house prices also remain well out of reach for many, leaving them little choice but to remain living within the rental sector.”

Reynolds commissioned a survey of 1,005 renters and 1,005 homeowners and results show that when asked how their living arrangements impacted their quality of life, just 35% of homeowners answered between 1 and 3 - 1 being a very low quality of life. 

In contrast, 64% of renters answered with between 1 and 3.

And some 20% of homeowners ranked their quality of life as a 5 - a very high quality of life - versus just 7% of renters. 

When asked how much stress they felt under as a result of their living situation 78% of homeowners answered between 1 and 3 - 1 being very little stress - while only 58% of renters answered the same. 

Some 25% of homeowners answered a 1, or very little stress, versus just 10% of renters, while 18% of renters answered a 5, or a lot of stress, versus just 7% of homeowners. 

When it came to their hopes for the future, just 4% of homeowners answered a 1, or not hopeful at all, versus 10% of renters. In contrast, 22% of homeowners answered a five, or very hopefully, versus just 13% of renters.