Tenant group Generation Rent could go under unless it raises enough money from supporters by the end of August.
Generation Rent Could Go Under after Funding is Pulled
The organisation says it “unexpectedly” only has two months of funding left.
A spokesperson confirms that this is due to the Nationwide Foundation withdrawing its funding.
In 2013, the Nationwide Foundation offered a grant of £725,000 to Generation Rent, stating that it would cover three years’ worth of business development and salaries.
The Nationwide Foundation was set up by the mortgage lender and operates independently. However, many were confused by the offer, as Generation Rent has often battled private landlords and letting agents.
The group has fought issues such as letting agent fees and rent controls.
Generation Rent must raise £60,000 by 31st August, it says.
This would allow it to continue its work with renters, while “applying for grants and building a sustainable organisation.”
It says that if it does not raise this money within the next month, “there is a real danger that the campaign will simply vanish, and with it the national voice of private renters in the media and political debate.”1
If it does not reach its target, another option would be to lay off staff and keep the group as a volunteer-run organisation.
By yesterday, Generation Rent had raised £5,802 towards its £60,000 target on crowdfunding website, People Republic.