UK private renting increases minimum living costs by £8,000

Research from Loughborough University’s Centre for Research in Social Policy (CRSP) indicates that private renting adds approximately £8,000 per year to the minimum living costs required for families to maintain a decent standard of living in the UK.

The study, funded by the Joseph Rowntree Foundation, highlights a growing gap caused by the shortage of social housing. For instance, a lone parent with two children requires an annual income of £67,600 to rent privately, compared to £59,800 in social housing. Similarly, a couple with two children needs £77,400 for private renting versus £73,600 in social housing, while a single pensioner requires £21,300 privately compared to £15,900 in social housing.

For the first time in the 18-year history of the Minimum Income Standard (MIS) report, focus group participants indicated that access to social housing is no longer a realistic assumption for most household types. Experts noted that as private renting becomes a long-term necessity rather than a temporary option, the high costs are preventing families and elderly individuals from achieving a stable foundation for a good life.