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Parents hike rents by 25%

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Your Money

A study has revealed that parents have upped the rent they charge adult offspring by an average of 25% in the course of the last year.

Research among over 1,500 parents with grown-up kids living at home, carried out by myvouchercodes, revealed that just over half pay rent, and the average monthly tariff increase from £250 a month to £315 in the last 12 months.

The most common reason cited by parents for hiking the rent was to cover ‘increased living costs’, but many also said that they were “preparing their children for leaving home.”

Mark Pearson, chairman of vouchercodes, said:

“I don’t think any parent likes taking money off their child, but it is a good way to prepare them for the future, when they’ll have to part with a lot more of their earnings each month for bills and such.”

According to Shelter, 1.7m adults between the ages of 20 and 40 live at home with their parents because they can’t afford to buy their own property.

Nearly half of the host parents are concerned that these living arrangements are ‘holding their children back from living an independent adult life’.

Government figures show that 3m adults in their 20s and early 30s still live at home, but not exclusively due to being unable to afford to buy their own place.

The Government’s English Housing Survey shows that a third of first-time buyers between 2008-11 were over the age of 34.