With many tenants paying more than half their salary in rents, Generation Rent has incurred a £30bn increase in the rent bill this last decade, Auto-switching service The Labrador has found.
The research said a rise in fuel bills has pushed 2.55 million UK households into fuel poverty.
In response to an acutely prevalent issue that effects the vast majority of the UK’s rental market, The Labrador has teamed up with FCC Paragon to provide auto-switching services to hundreds of thousands of homes through FCC’s network of real estate and letting agents.
Labrador will scour the market for cheaper deals for tenants and will continue to monitor the market regularly.
With such a saturated rental market and a struggling bricks and mortar sector, tenants are often exposed to inflated prices to significant financial detriment.
Some 42% of Brits have stated that since moving into their property, they have NOT accurately provided their supplier with accurate details and a meter reading and 22% – six million people would not know if they were overpaying for their energy usage
Furthermore 17% of Brits – 4 million people – have had to turn off the heating during the colder months because they know that they will not be able to afford the bill.
And 11% of renter’s past and present – two million people – have inherited their energy supplier from previous tenants and continue to use this service
10% of citizens – nearly three million tenants – have lived in damp, cold and mouldy properties as they will not turn on their heating during the winter months due to it being too expensive
Nearly two million people have stated that, as they rent, they believe they do not have the ability or right to switch energy providers.