Tenants struggle to find new homes as rents rise

Half of all tenants who moved in the past year say they faced difficulties finding a new property to rent which is an 8% increase from the previous year, research reveals.

According to The Deposit Protection Service (DPS), the research suggests a tough market for renters, particularly younger tenants and those who are unemployed.

It says that tenants are facing fewer available properties, rising living costs and higher rents as landlords tackle increased mortgage costs.

The survey also found that many tenants who haven’t moved would like to but are struggling to afford a new property or find one that meets their needs.

‘Finding a new rental property is getting tougher’

The firm’s managing director, Matt Trevett, said: “Finding a new rental property is getting tougher for a growing number of tenants, especially for younger, non-student renters and those who are not in employment, due to a combination of fewer rental properties on the market, the current cost of living, as well as increased mortgage costs for landlords.

“At the same time, the proportion of tenant respondents moving home has more than halved during the past 12 months leading to some tenants stuck in properties that they are financially struggling to afford.”

The survey also highlights that only 9% of tenants relocated in the last six months, compared to 24% in the same period last year.

Despite this, 24% of those who stayed put expressed a desire to move but were unable to do so. More worryingly, 21% of these tenants reported that their current rent was beyond their financial means.

Experiences of different age groups

The survey also shed light on the experiences of different age groups and employment statuses with 52% of 18-25-year-olds and 50% of 26-35-year-olds struggling to find a new property.

That compares with just 37% of those aged 66 and above.

Among unemployed respondents, 54% found the moving process difficult, compared to 39% of students.

Of those tenants who didn’t move, 24% said they were living in poor properties, and 16% said they were living in a home that was too small.

And 10% said they were living further away from family and friends and 2% must live with an ex-partner.