Securing a new rental property has become an increasingly arduous task for tenants, with half of those who moved in the past year describing the experience as "difficult" or "very difficult," a survey by The Deposit Protection Service (DPS) reveals.

The survey highlights a stark increase in the struggle to find rentals. From March 2023 to March 2024, the percentage of tenants who faced difficulties soared by 8%, rising from 42% to 50%.

Interestingly, the number of people who relocated in the last six months plummeted to just 9%, a sharp contrast to the 24% who moved between March and August 2023.

Overall, a significant 68% of respondents remained in their current homes over the past year, according to DPS findings.

Among the non-movers, a substantial 76% expressed contentment with their choice to stay put. However, a notable 24% wished they could have moved but did not. Of those reluctant stayers, over one-fifth (21%) reported paying more for their rentals than they could comfortably afford.

Matt Trevett, the managing director at The DPS, remarked, "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.”

He added, “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."

Trevett advises tenants to maintain open and constructive communication with landlords to mitigate potential disputes, emphasizing the importance of transparency in rental agreements.

The survey also disclosed demographic-specific challenges: 52% of tenants aged 18 to 25 and 50% of those aged 26 to 35 faced substantial difficulties securing new rentals, compared to just 37% of tenants aged 66 and above.

For the 5% of unemployed respondents who moved, a daunting 54% reported significant challenges in finding new homes, compared to 39% of student movers. Notably, students represented 70% of those who moved, underscoring the high mobility within this group.

Gender did not significantly influence the difficulties experienced by moving renters, the survey found.

Overall, about a third (32%) of respondents moved to a new rental in the past year, with 20% having relocated between September 2022 and March 2023. The data underscores the increasing strain on tenants navigating the rental market amid shifting economic conditions.