One in five can't afford January's rent and will use credit cards, overdrafts, loans from friends or payday loans

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One in five private renters in the UK are unable to pay January's rent out of their normal salary, new research reveals.

Instead of paying the rent from their wages, 20 per cent will use other sources of income including payday loans, overdrafts, loans from friends and credit cards.

While 2.9 per cent of those who aren't able to pay it will use savings, pensions and housing benefit to foot the bill, according to new research from Spareroom.co.uk shared exclusively with ThisisMoney.

One in five renters will struggle to pay January's rent and will resort to credit cards, loans and payday lenders

Renters using the flat sharing website were asked how they will make their next rent payment.

Of the 1,003 people who responded, 6.5 per cent said they had no way of paying their rent, while 3.7 per cent would use an overdraft, 2.5 per cent would borrow the money from a friend or relative, 2.5 per cent would use a credit card and 1.7 per cent plan to use a payday loan.

Just 2.9 per cent would use a savings pot although this included money saved in a savings account or pension or cash they receive from housing benefit and 80.3 per cent said they would be able to pay their rent out of their usual salary.

'January is a notoriously bad month for finances with Christmas having taken its toll on our bank balances and with 45 per cent of landlords considering rent increases in 2016, the prospect looks bleak for renters,' says Matt Hutchinson, director of flatshare site SpareRoom.co.uk.

'Anyone facing unaffordable rent increases should speak to their landlord. 

'Most landlords realise that the cost of finding a new tenant often outweighs the extra they'll get by putting the rent up and may be willing to negotiate, especially if you've been a reliable tenant,' he adds.

One in 10 parents wouldn't be able to pay their rent or mortgage payments this month

One of the reasons for the rise in the cost of rent is the UK's shortage of affordable homes, according to research released by housing charity Shelter earlier this week. 

It showed that more than 2.5 million parents were cutting back on winter essentials such as energy and food to pay for their rent or mortgage.

This separate study from Shelter showed that one in 10 parents wouldn't be able to pay their housing costs this month.

'As millions of families struggle with sky-high housing costs, sadly it's no surprise that we hear from people every day who are at breaking point under the weight of mounting monthly payments,' Shelter’s helpline adviser, Nadeem Khan, said.

'Far too many people call us after struggling in silence with spiralling housing debt and feeling they have nowhere to turn. But if you’re in this situation, just remember you’re not alone and that help is out there,' he adds. 

If you're unable to pay your rent or mortgage payments the first thing to do is speak to someone about it. 

If you're a renter your landlord may be willing to negotiate and if you own your home the mortgage provider can help but if you're getting nowhere then try speaking to a housing charity such as Shelter.

For those people in serious financial trouble, a charity such as StepChange (or call on 0800 138 1111), can help. It's free to use and can offer advice on getting out of debt.