Typical rent arrears claims climbed to £1,816 in the first quarter of 2024 – a rise of 27% from £1,435 in the same period last year, data from deposit alternative provider Reposit has revealed.
The company said this is a sign of the unrelenting pressures within the rental sector on both tenants and consequently landlords.
During the first three months of 2024 the percentage of tenants ending their tenancy with unpaid rent increased to 18% year-on-year.
Ben Grech, chief executive of Reposit, said: “We believe deposit alternatives are a more appropriate solution for the reality of tenancies in the UK and work more efficiently and fairly for each stakeholder in the rental process – landlords, agents and tenants alike which is especially helpful in the current economic climate.”
Across Q1 24, the average monthly rent increased by 10% to reach £1,108 from £1,006 in the same period last year, although rents remained static compared with Q4 23.
