Colchester renters to be hit by cost of living crisis

With the costs of basic amenities having increased in the past year, it is suspected rent now accounts for a significantly higher proportion of Colchester tenants’ income.

The median rent paid by a tenant occupying a one bedroom property in Colchester stood at £675 per month in the 12 months to March 2022.

With the average wage of property renters in Colchester sitting at £2,620 per month for 2021, it means 25 per cent of a renter’s monthly salary went towards making ends meet with their landlord.

But higher prices of basic commodities – including the cost of fuel, which is 60p more expensive than it was this time a year ago – is likely to lead to property owners increasing rent for tenants if they have not done so already.

Whereas median rents across all property types in Colchester was £805 in the 12 months towards 2021, that figure increased to £850 last year.

Martin Lord, director of development for Citizens Advice Essex, said those anticipating rent increases are in a better position to negotiate with landlords if they have paid rent on time and not damaged the property.

“When you do negotiate with your landlord though - you'll be in a much better position if you've previously paid your rent on time and not caused damage.

“Landlords are best thinking of their property as a long-term investment and they are more likely to be in a position to protect that investment if they have a reliable tenant.”

He added inquiries to Citizens Advice come from private renters more often than renters in social housing because of the volatility of the market.

“We get more than twice the number of inquiries from private renters than we do from people living in social housing – private rents are more volatile and sensitive to market conditions than in the social sector.

“We are likely to encounter increased numbers of inquiries from concerned private renters as the squeeze continues.”