The buy to let business is one area of investment that appears steady.  Landlords are doing well in an economy where many are struggling.  The business is drawing in more and more investors and first time landlords take a step into the investment arena sometimes for the very first time with the buy to let business.

Many of those renting and looking to rent might otherwise be home buyers.  The would-be buyers cannot afford the high deposit levels required to purchase and therefore are forced into rental living.  There are then those that choose to rent rather than buy in an area that might not be sustainable for them and so they do not wish to put down permanent roots such as young adults or new couples.  The demand for rental properties is pushed upward by these two groups but there are other reasons for renting as well including the inability to get approval for a property purchase.  No matter the reason for renting over buying the rental demand for adequate and affordable housing has pushed up rental fees.  The increase in rental fees is causing a financial hardship on many.

A Rightmove study revealed that in the UK the average rent takes up 38% of the net income of the renters.  One in three of the renters reported they were in the category of renters that pay more than half of their take home income on their rental property.  The study also showed that 6 of every 10 respondents expect they will be paying an increase on their rental fee within the next 12 months.

The rental property fees are pushing many to enter into debt levels that will be hard to immerge from with the Consumer Credit Counseling Service reporting that more than 10,000 people asked for help to get their rental fees out of arrears last year which is an increase of 27% over the level for the same charity help asked for in 2010.

Kay Boycott from housing charity Shelter said, “These figures paint a worrying picture of the rising numbers of families facing a monthly battle to keep a roof over their head.

“High unemployment and rising living costs continue to take their toll.”