In the world of private renting, a new report has revealed a startling trend. According to the New Economics Foundations (NEF), four in 10 households that have moved in the past year are paying an average of £1,200 a year above the advertised rent.
This shocking statistic comes from a poll of 1,001 adults. The results suggest that bidding wars are becoming increasingly common in the rental market, pushing prices up and leaving tenants out of pocket.
The NEF's findings show that 39% of private renters who have moved in the last year are paying more than the advertised rent for their property. The median amount paid over the asking rent is £100 a month, with the mean amount being £190 a month.
The think tank also found that 45% of new private renters had to pay more than one month of rent upfront to secure their home. Worryingly, 21% have seen their rent increase midway through a tenancy without their agreement.
Other surprising findings include 17% of tenants being charged a fee to view a property and 19% being asked for a copy of their CV.
Alex Diner, senior researcher at NEF, commented on the findings, saying, "This data shows just how difficult it can be for many people to find somewhere to call home." He called on the government to take action, suggesting banning bidding wars and building a new generation of high-quality, genuinely affordable social homes.
As the private rental sector continues to face challenges, it's clear that more needs to be done to protect tenants and create a fairer housing market.
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