New research from specialist lender Aldermore reveals that many renters are shocked at how much they have to pay.

Its study shows that for renters who moved property in the past year, nearly two thirds (63%) say they ended up paying more rent than they initially intended when securing their current home.

A similar proportion (62%) say they were competing with more prospective tenants than expected when trying to secure a rental property. 

Six in ten (60%) say they found it difficult to secure a suitable property, while more than half (55%) experienced a longer search process than expected.

In some cases, limited availability has provided little choice for renters. 

Two out of five (41%) say they had to move to a different area because there were no affordable rental properties where they wanted to live, while over a third (36%) moved further away from work, family or support networks.

The lender’s survey also shows that the average tenancy length has edged up to 4.5 years, suggesting a degree of stability for many renters already settled in their homes.

However, the picture is more challenging for those on the move. Nearly a quarter (23%) of renters moved home in the last year, and the search remains highly competitive.

Jon Cooper, director of mortgages at Aldermore, says “Our latest Buy to Let Index shows that while many renters are staying in their homes for longer, those looking to move are still facing a highly competitive market. 

“Many are finding they need to pay more than they originally expected, and in some cases expand their search to previously unthought-of areas just to secure a suitable home.

“At the same time, the operating environment for landlords has become more complex, which threatens to place pressure on the number of available rental properties. 

“Increased regulation and wider economic pressures mean many landlords are having to adapt how they manage their properties and finances.

“To avoid exacerbating the current challenge facing renters, the focus must be on maintaining sufficient supply in the private rental sector, to support affordability and give renters greater choice and mobility.”