Is Rent Affecting Renter’s Mental Health?

Written by Sapphire Savvy Women Group.

 

Based on Wayhome study, over a third of renters in private leased housing believe their living situations are affecting their mental health. A poll conducted as part of the shared equity provider shows, 30% of renters claim their housing has impacted their mental health, up from 24% prior to the pandemic.

 

 

As compared to only 15% of homeowners and showed in MortgageStrategy.co.uk, implying that renters are twice as likely as homeowners to experience mental health issues as a result of their residence. The study also revealed that just 43% of renters are satisfied or usually content with their living condition, implying that the vast majority of persons in the private rented sector are unhappy.

 

What do studies have to say?

It became apparent that 14% of renters, or roughly 616,000 people, had experienced symptoms of despair as a result of their living situation. Meanwhile, 13% said renting made them anxious, and 13% said it made them feel lonely, while 10% claimed their present living arrangement is creating or contributing to larger mental health difficulties.

The bad quality of the fixtures and fittings was criticized by 20% of tenants who stated their living environment led to feelings of despair, anxiety, or isolation, or caused other mental health difficulties, while the inappropriate size was cited by 10%.

32% said their home wasn’t near enough to their relatives, 15% said they didn’t feel comfortable in their neighborhood, and 12% claimed they were distant from amenities. In the meantime, the 22% blame their misery on a sense of insecurity in their current living situation. There are certain participants in the property market that are happy about the heat of the market over the last year, but they do a disservice to our sector, as Wayhome CEO Nigel Purves says. Wayhome’s progressive home ownership program, he claims, is assisting in the solution of the problem. “Sensation confined in your own house is a challenging feeling to deal with from an emotional health standpoint”, explains Chartered psychologist Dr Linda Papadopoulos.

 

What was said by experts:

The following was said: The United Kingdom is experiencing an affordability issue, with many individuals caught in a never-ending cycle of renting. Their study has revealed what might happen to those who are priced out of homeownership on a regular basis, with incidences of depression on the rise and people feeling lonely and scared. People are even putting important life decisions on hold until they can afford a home worthy of their family. This is unacceptable; homeownership should be available to everyone.

Dr Linda Papadopoulos, a chartered psychologist, noted that feeling confined in your own house is a challenging sensation to deal with in terms of mental wellness. While the pandemic has caused plenty of mental health issues, the sensation of being unable to break away from the cycle of renting was evident even before the outbreak. Feeling unable to fulfil important life objectives, obtain sufficient independence, or feel satisfied with our accomplishments can all be detrimental. As a result, it’s not unexpected that the mental health of hesitant renters in harmed.

 

Conclusion:

The stress of the pandemic has caused mental health struggles to most renters, with money worries and being isolated for so long, it is clear that renters have a huge emotional strain.

If you are a small time/ new property investor, deciding on when to buy a property can be a complicated decision process. Whilst we haven’t talked you Through the steps in this blog, and by the way we do have helpful articles for this, just click here. It is so beneficial to be aware of where you can find the trends and statistics regarding property.

 

The Finance Talk – blog, posts weekly on Monday’s, where you can get the latest exclusives on what’s occurring in the housing market. As professional property investors and Educators, we make it our job to know the property business -so check on in and we have you covered.

 

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