The rise of middle-aged renters surges
6th December 2022
6th December 2022
The number of middle-aged households who are renting privately has almost doubled in the space of 10 years, rising from 691,000 in 2011 to 1.18 million in 2021, with many set to remain in rented homes for the long term, according to new analysis of Government data by Paragon Bank.
According to the data, over a fifth of those aged between 45 and 64 have lived in privately rented accommodation for more than 15 years, with a further 17% in the sector for between 11 and 15 years.
This age group experienced the greatest growth in the number of households in the private rented sector over the period. The number of households aged 65+ privately renting increased by 38%, with those aged between 34 and 44 increasing by 21%. The 16-34-year-old group increased by just 3%.
A home for the long term
Tenants aged 45 or over have been renting for longer, lived in more properties and tend to stay longer in the same home than those younger. They are also more likely to live alone when compared to the younger cohort.
Over a fifth of those aged between 45 and 64 (22%) have lived in privately rented accommodation for more than 15 years, with a further 17% in the sector for between 11 and 15 years.
Richard Rowntree, Paragon Bank Managing Director of Mortgages, said: “There is a perception that the Private Rental Sector is home to the young when, in fact, over half of tenants are aged over 35 and the greatest increase in the number of households is in the middle-aged 45 to 64-age bracket.
“Too much policy focus is on getting younger tenants on the housing ladder. Whilst this is important, the Government should also consider the need to provide a home to older tenants who live in the PRS for the long term.”
Edited from Property Reporter