The latest findings from The Deposit Protection Service (DPS) reveal a growing difficulty among renters in the UK to secure new rental properties. Over the last year, half of all tenants who moved encountered challenges in finding a new place to live—an increase of 8% from the previous year. This trend underscores a rental market that is increasingly tough, particularly for younger tenants and those who are unemployed.

The Struggle of Finding a New Home

According to the survey, a significant number of tenants who wished to move either couldn’t afford a new rental or struggled to find one that suited their needs. Matt Trevett, the managing director of DPS, highlighted, “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.”

The report notes that the number of tenants who moved over the past 12 months has more than halved, with only 9% relocating in the last six months, a stark decrease from 24% in the previous year. Despite the desire to move, 24% of tenants who stayed put reported being unable to find or afford a new property. Moreover, 21% of these individuals admitted that their current rent was more than they could financially handle.

Disparities Among Different Groups

The impact of the current rental market varies significantly across different age groups and employment statuses. Younger tenants, particularly those between the ages of 18 and 35, are facing the brunt of these challenges, with more than 50% reporting difficulties in finding new accommodations. In contrast, only 37% of tenants aged 66 and above experienced similar issues.

Unemployment further complicates the ability to move, with 54% of unemployed renters finding it hard to relocate, compared to 39% of student renters. The survey also shed light on the quality of living conditions, revealing that 24% of tenants who did not move were staying in poor-quality properties, 16% were in homes too small for their needs, and 10% lived further away from family and friends than they would like. Alarmingly, 2% of respondents are forced to live with an ex-partner due to these rental market challenges.