There are few aspects of the economy left unaffected by the current cost of living crisis.
While food and energy prices are soaring, many Brits are also left fearing if they will be able to afford rent as the monthly cost to let a home continues to rise.
Stats for this year show that many families in Britain are around £1,000 worse off per year than they previously were, with prices rising as wages remain stagnant.
In addition to inflation, which is set to soar over 7% in April, things like the Russia-Ukraine conflict have all contributed to the crisis in the UK.
As of February 2022, rent prices have risen by 8.6% with a record high price of £1,069, according to HomeLet Rental Index.
Property experts We Buy Any House believe that this financial crisis has had a huge impact on the rental market, affecting millions of rented homes.
They explained: "Covid-era protections have now disappeared, so if you can't afford to pay your rent - you face immediate eviction and potential homelessness.
"The rising cost of living has left a lot of landlords with no other option but to increase their rent figures as a way to sustain their own livelihood."
Will my rent increase due to cost of living crisis?
Leading property portal Zoopla reports that the average rent in the UK is around £1,000pcm - £62 more than at the start of the Covid pandemic.
The increase means that a single earner can now expect to spend 37% of their gross income on rent, up from 34% throughout most of 2021.
Despite the current sharp rise though, overall increase in UK rent over the past five years comes up to 12% largely due to decline in rents during the pandemic.
How have renters been affected by the cost of living crisis?
According to recent research from TSB, renters are struggling more than homeowners in the current crisis, with homeowners spending £525.90 a month on mortgage payments.
This means renters are also more in need of a safety net because they have no property to raise credit against if needed. Despite this, a majority of homeowners don't have insurance cover in place.
Research from Scottish Widows found that only 5% of renters have critical illness cover, 3% have income protection, and 24% have life insurance.
Due to the rising property costs, the age of first-time buyers is also increasing with many younger individuals being unable to afford to buy a home.
What can renters do about rising rents?
Here's how renters can avoid further financial crisis.
Budget responsibly
Try to allocate about 30% of your monthly salary to your rent. This means if you earn £2,100 a month, try to rent a place costing lesser than £650 per month.
Remember to factor in other utilities such as council tax, water, heating, internet, landline, your TV licence, and any property service fees into your monthly cost as well.
Compromise on size and area
As much as you're keen on renting in a particular area or want to consider the size of the property, you might have to compromise to weather the cost of living crisis.
Instead, try to rent in a less popular property for cheaper rent, which will then allow you to save faster for a better place or even let you enjoy higher cost of living.
Talk to your landlord
If you're struggling with rent, just address the problem with your landlord. Ask if they can spread the amount you owe across future rent payments.
Usually your landlord is likely to be understanding and even agree to short-term affordability, because it's cheaper for them to agree for lower rent in the short term than have to find a new tenant.
