Finding a new rental property is becoming a Herculean task for tenants, according to fresh insights from the Deposit Protection Service (DPS).
A whopping 50% of tenants who moved in the last year found it ‘difficult’ or ‘very difficult’ to secure a new home, up from 42% the previous year.
The survey, conducted between March 2023 and March 2024, paints a rather grim picture. Only 9% of respondents moved in the last six months, a significant drop from the 24% who moved between March and August 2023. In total, 68% of respondents stayed put over the past year. While a majority (76%) of these non-movers were content with their decision, nearly a quarter (24%) wished they could have moved but didn’t.
Want to learn more about AI's impact on the world in general and property in particular? Join us on our next Webinar! Click here to register
The financial strain is real, with over a fifth of those who wanted to move admitting they are paying more than they can afford for their current rentals. The struggle is particularly pronounced among younger tenants, with 52% of those aged 18-25 and 50% of those aged 26-35 finding it tough to secure new properties. In contrast, only 37% of tenants aged 66 and above reported similar difficulties.
The situation is even more dire for non-employed tenants, with 54% of them finding the move challenging compared to 39% of students. Interestingly, the survey showed no significant gender differences in the difficulties experienced by moving renters.
DPS managing director Matt Trevett attributes the growing difficulty to a combination of fewer rental properties on the market, the current cost of living, and increased mortgage costs for landlords. As a result, many tenants are stuck in properties they can barely afford, with some living in poor conditions or homes too small for their needs.
In summary, the rental market is tightening, and tenants are feeling the squeeze. It’s high time for some creative solutions to ease this housing crunch!
Want to learn more about AI's impact on the world in general and property in particular? Join us on our next Webinar! Click here to register
Made with TRUST_AI - see the Charter: https://www.modelprop.co.uk/trust-ai
Kommentare