A new report from the housing and homelessness charity Shelter shows rents are rising by an average of almost £300 a year in England.
With average wages remaining static, many people are left unable to save for a deposit and are trapped in a cycle of unstable renting.
The Rent Trap report also reveals that:
- in 1 in 7 local authorities rents rose by more than £500 in a year
- six areas saw equivalent rent rises of more than £1,500 in a year
As a result, 72 per cent of renters say they are only able to put aside £50 a month or less in savings and 58 per cent report being unable to save anything at all.
Campbell Robb, Chief Executive of Shelter, said: "The renters we speak to have never been less hopeful. A relentless stream of rent rises means that most feel they will never move on from a life paying ‘dead money’ to landlords, in a home they can’t make their own.
"And for some, rising rents have more immediate consequences – not enough money to spend on food, fuel or other essentials."
He concluded: "‘Unless something changes, the chances of the next generation getting a home to call their own look increasingly bleak. The Government needs to show young people and families exactly how it plans to dismantle the rent trap for good."