A recent survey suggests that renters are becoming more confident about using the protections introduced by the Renters’ Rights Act (RRA).
Research carried out by PropTech platform Goodlord found that 77% of tenants now feel secure in their current tenancy. Confidence has also improved significantly, with the proportion of renters feeling optimistic rising from 20% last year to 37% this year.
Awareness of the new legislation is growing too. More than two-thirds of tenants surveyed (68%) said they had heard of the RRA, compared with around half in the previous year.
Renters are acting on their new rights
Tenants who know about the Act are already using their increased rights to make decisions about their tenancies.
Of the 7% of renters who have served notice since May, 70% said the RRA played a part in their decision. Almost half (44%) moved earlier than they had originally planned, while 26% said they would not have moved at all without the new legislation.
Artificial intelligence is also becoming a useful tool for tenants looking to understand their rights and communicate with landlords.
Goodlord’s survey found that:
- 24% of renters have used AI to learn more about their rights as tenants.
- 23% have turned to AI to help them understand the terms of their tenancy agreements.
- 18% have used AI to write emails or letters to their landlord or letting agent.
Financial pressures remain a concern
Despite the increased protections available under the RRA, many renters continue to face financial difficulties.
The survey revealed that 53% of tenants spend more than 30% of their take-home pay on rent. Meanwhile, 54% have less than £500 in easily accessible savings or investments, and 55% are carrying personal debt, excluding student loans.
A further 35% said a significant rent increase in the near future would put them under financial strain.
There could also be further pressure on rental costs as landlords look to improve the energy efficiency of their properties. Among landlords planning EPC upgrades, 31% expect to raise rents where possible to help cover the expense.
Goodlord survey gathers views from across the rental sector
The findings come from Goodlord’s latest State of the Lettings Industry Report, its largest survey to date.
The research gathered responses from 3,031 people across the private rental sector, including 442 letting professionals, 589 landlords and 2,000 tenants.
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