Around 74% of private renters are struggling to find suitable properties, citing high competition and heightened costs.
According to research from Aldermore, which surveyed around 2,000 private renters, a further 74% said that they felt like they were competing with more people, and consequently 72% said it took longer to find a suitable property.
The majority – 68% – said that they were paying more than they initially intended regarding rent.
Over three-quarters of UK renters do not feel the government is doing enough to help them, and this rises to 80% of 18-34-year-olds versus 71% of over-55s.
Around a quarter said that they had only been in their current rental property for a year or less.
Approximately 70% of renters prized ease of contact, with 41% pointing to minimal paperwork and freedom to make cosmetic changes to the property apiece.
Around 69% of tenants believed they had a good landlord, which the lender said could surprise some because the “common misconception” was that the landlord-tenant relationship was “tense”.
Jon Cooper, head of mortgages at Aldermore, said: “The relationship between landlords and renters is often presented as inherently challenging and dysfunctional, but as our research shows, this simply isn’t the case.
“Most private renters actually have a positive relationship with their landlord. I expect that this will surprise quite a few people. What it demonstrates is the abundance of good landlords in the market who are ethical, knowledgeable and trustworthy when dealing with their tenants.”
He continued: “That being said, it’s also clear that a majority of renters are struggling to find the right home due to intense demand for properties. There’s no overnight solution to fix this, sadly.
“At Aldermore, we encourage lenders, landlords and governmental bodies to work more intelligently together so we can turn the tide and provide greater support to struggling renters. This support is vital in order to keep our private rental sector, which is fundamental to addressing the UK’s housing demand, [and keeping it] alive and well.”
Last week, it was reported that average rents in the UK had increased by 9% year-on-year (YOY).
Interested in the buy-to-let (BTL) market? Mortgage Solutions is holding a series of BTL forum events across England and Wales in April and May. To find out more, click here: https://www.mortgagesolutions.co.uk/events/buy-let-market-forum-2/?btl2024source=pressrelease
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
