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Half of moving renters now finding it difficult to secure new properties – The DPS

by | May 29, 2024

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Half of all tenants who moved during the past 12 months found it ‘difficult’ or ‘very difficult’ to secure a new rental property, according to a survey from The Deposit Protection Service (The DPS).

Research by the UK’s largest protector of deposits revealed that the proportion of respondents who had moved during the previous year and who had encountered difficulties increased by almost 10% (8%) from 42% to 50% between March 2023 and March 2024.

 
 

Just 9% of respondents said they had moved property during the last six months compared with 24% who moved between March and August 2023.

Overall, 68% of respondents said they hadn’t moved during the past year, according to the organisation.

Whilst over three quarters (76%) of non-movers said they were happy with their decision almost a quarter (24%) would like to have moved but didn’t. 

 

Of those who would liked to have moved, more than a fifth (21%) said they were paying more than they could afford for their present rental properties.

Matt Trevett, Managing Director at The DPS 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.

 
 

“We would encourage tenants to engage in open and constructive dialogue with their current and future landlords about their circumstances throughout their tenancies, to give both parties the best chance of avoiding a dispute at the end.”

The research also revealed that, overall, 52% of tenants aged 18-25 and 50% of those aged 26-35 found it ‘difficult’ or ‘very difficult’ to secure a new property, compared with 37% of tenants aged 66 and above.

Of the 5% of moving respondents who took part in the survey in March 2024 who didn’t have a job, more than half (54%) found moving either ‘difficult’ or ‘very difficult’ compared with 39% of students.

 
 

The proportion of student movers stood at 70%, according to the survey.

The research showed no significant gender differences between moving renters when it came to difficulties experienced.

Almost a third (32%) of respondents overall had moved to a new rental property during the past year, added the organisation.

 

A fifth (20%) of respondents said they had moved between September 2022 and March 2023, said The DPS. 

Non-movers

The research also revealed that, of the 68% of respondents who said they hadn’t moved during the past year:

 
 
  • 24% said they were living in properties of poor condition.
  • 16% said they were living in a property that was too small for their needs.
  • A further 10% said they were living further away from family and friends.
  • 8% said they were further away from work than they would have liked.
  • 3% and 2% have had to remain in a shared house or with an ex-partner, respectively.

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