Nearly half of tenants are taking over four weeks to secure a rental property, according to new research from lettings acquisition and success planning experts Dwelly.
A survey of over 1,000 UK renters found that 44% of respondents had had to wait over four weeks to secure a rental property after beginning their search.
An additional 22% of respondents reported it took between two and four weeks to secure a property.
A lack of suitable properties was the main source of such delays, with 60% of respondents identifying this as the top issue.
Substantial paperwork requirements with letting agents, concerning ID checks and referencing, were also identified as making this process prone to delays and frustration.
Here, 25% of tenants surveyed put such issues as the most problematic they identified.
As such, 40% of renters said they found the whole process difficult with only 12% regarding it as an easy experience.
However, when asked why to rate their overall experience of securing a rental property, 37% rated this as “good” while 33% used the word “excellent”.
Sam Humphreys, head of M&A at Dwelly, pointed to a worsening housing shortage as impacting the experience for renters.
“Demand for rental homes has exploded in recent years as soaring house prices have forced many to rent for longer,” said Sam.
“At the same time, the government’s consistent attack on BTL landlords has reduced the level of stock available and so it’s no surprise that finding a suitable property is the biggest obstacle facing today’s renters.”
