The number of renters on top wages having to provide a landlords guarantor has doubled since 2020, according to a rental platform.

The lettings platform’s latest survey shows the number of renters with wages between £50,000 and £74,999 required to provide a guarantor has virtually doubled – 92 per cent – since three years ago.

The survey highlights that in 2020 1.35 per cent of earners in the income bracket had to secure their tenancy by providing a guarantor and now stands at 2.59 per cent.

The platform says the average monthly rent in England this year currently stands at £1,099 whereas in 2020 it was £937 and in London average monthly rent has increased from £1,612 in 2020 to the current £1,871.

The number of tenants with wages between £25,000 to £50,000 required to provide a guarantor has soared by 58% since 2020.

A spokesperson for the lettings platform, says: “The rental market is facing a series of overlapping challenges. We’ve spent years not building enough homes, meaning the supply of rental stock is low.

“This is being compounded by landlords — who are facing rising costs and ever more complex regulation — selling up and leaving the market.

“This supply and demand problem means rents are rising at a time when tenants have less disposable income thanks to the cost-of-living crisis.

He adds: “This means more tenants are being asked to show they have the support in place to meet their rental obligations, should they need it. As well as a rise in the number of tenants who find themselves needing to provide a guarantor, we’ve also seen a big increase in landlords taking out rental insurance.

“It’s a far from ideal situation for either tenants or landlords. The government should see this as an additional sign that more support for the rental market is urgently needed.”

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See details of our CHG Guaranteed Rent Scheme here