More than half (53%) of adults who rent their home reported that they could not afford an unexpected but necessary expense of £850 compared with just one in 10 property owners, according to new data from the Office for National Statistics. 

The data comes as prices at the petrol pump rocket amid rises in the cost of Brent crude oil in response to Russia’s war with Ukraine, while the price cap on household energy bills, overseen by regulator Ofgem, is set to rise by £693 from 1 April. 

The ONS said more than eight in 10 adults (83%) reported an increase in their cost of living in March compared to around six in 10 (62%) in November last year. 

Shelter’s chief executive Polly Neate says the charity has witnessed growing numbers of people being forced to decide between eating, keeping the lights on, and paying rent. 

“With bills skyrocketing and rents higher than ever, far too many will struggle to keep a roof over their head as this crisis deepens in the coming months. 

“If we’re going to prevent rising homelessness this year, the government must help renters weather the storm by making housing benefit fit for purpose. 

“Long term, to insulate more people against cost-of-living shocks, we need investment in social homes with affordable rents pegged to local incomes.” 

The ONS data showed that renters, alongside those with the lowest incomes and those with no formal qualifications, “were most likely to report they could not afford this unexpected expense”. 

Parents of dependent children, divorcees, disabled adults and those living outside of London, the South East and the South West, were also more likely to report they could not afford this surprise hit to their incomes. 

“After controlloing for other characteristics, the odds of reporting that their household could not afford an unexpected expense were over six times as high for adults who rented compared with adults who owned their property outright,” the ONS said.