Shocking new City Hall polling has found that as many as 40 per cent of London’s private renters will struggle to make their rent payments in the next six months.
It comes as the average advertised rent in London has hit £2,343 per month, more than double that of other parts of the country.
Mayor of London Sadiq Khan will on Monday morning convene an “emergency” summit of renters, charities and politicians to explore ways of tackling the growing crisis and to build a case for introducing a rent freeze in the capital.
Ahead of Monday’s crunch meeting, Sadiq Khan said it was “vital” to stand up for the capital’s renters as they face a “triple whammy” of rising rents, bills and the cost of household essentials.
Mr Khan said: “There is no time to waste so we have come together today to speak with one voice. Our demands to ministers are simple: implement your long-promised renters reform legislation and take action now to make rents more affordable for Londoners, using all powers at the government’s disposal.”
City Hall analysis has laid bare the scale of London’s private renting crisis, highlighting the disparities between other parts of the country.
For £2,500 a month - just £200 more than the average London rent - a private renter could afford a six-bedroom family home in Birmingham. Meanwhile £1,750 a month would be enough to rent a five-bedroom detached house in Wolverhampton.
Alicia Kennedy, director of Generation Rent, said: “When rents are rising on new tenancies, no private renter is safe. It is too easy for your landlord to demand a higher rent when they know they can evict you and re-let to someone else who is willing to pay it. People who don’t want to move are being priced out of their homes and forced to compete in this hellish market. And the cost of living crisis is making it even worse.
“The government can alleviate rising living costs for renters immediately with a freeze on rents on existing tenancies and suspension of Section 21 evictions so landlords can’t evict simply to re-let at a higher rent.”
