Richard Lane, Director of External Affairs at StepChange Debt Charity, comments on the number of renters that are using credit and are cutting back on essentials to pay their rent.

New polling from StepChange Debt Charity reveals the increasingly bleak outlook for tenants in the private rented sector (PRS), with many using credit, cutting back on essentials and relying on savings to pay rent. 

• Over a third (38%) of private renters have used some form of credit to afford their rent, this compares to (20%) of mortgage holders.
• Over a quarter (27%) of private renters have used savings in order to afford rent in the past 12 months. This has increased by seven percentage points from May 2023 (20%).
• A quarter (23%) of private renters have rationed the amount of heating, electricity or water to afford rent in the past 12 months. This has increased from 20% in May 2023.
• Over half (51%) of private renters say they’ve found it difficult to keep up with bills and credit commitments in the past few months, compared to one third (33%) of the general population.
• 17% of renters are in ‘problem debt’ compared to 8% of the general population.

Richard Lane, Director of External Affairs at StepChange Debt Charity, said:

Amid a crisis of housing affordability that continues to intensify, tenants in the private rented sector remain among the groups with the least protection from problem debt and destitution.

Our figures show that private renters are more likely than mortgage holders to be struggling with bills and credit commitments, and more likely to rely on credit to pay their rent, yet they feel unable to reach out to their landlord for help if they’re in difficulty. For a private renter experiencing financial insecurity, there is little to protect them from eviction if they fall into rent arrears.

While we hope the government will follow through with its commitment to strengthen protections for PRS tenants through the Renters (Reform) Bill, especially through the end to Section 21 evictions, these proposed reforms alone will fail to prevent the most financially vulnerable tenants from losing their homes.

Full release: More than 1 in 3 private renters using credit to pay for rent

✉️ Press Office, 0207 391 4598 / press@stepchange.org