A new report has found a rising number of tenants nearing or in retirement, with younger renters falling.
Analysis of government data by Paragon Bank has revealed that the percentage of households headed up by someone aged 55 to 64 surged by 66% between 2014 and 2024, making it the highest growth group.
Those aged 65-plus were the second highest growth group, rising by 33% over the same period.
This means there are 492,000 and 433,000 households in these respective demographics.
At the same time, there was a decline in the number of younger households renting privately.
Households with renters aged between 16 and 24 has dropped by 16% over the past decade to 447,000.
Similarly, households rented by someone between 25 and 34 has fallen by 9% to 1.45 million.
Proportionally, households with a lead tenant aged 55 or over make up one-in-five privately rented households in England, compared to 14% in 2014.
Louisa Sedgewick, managing director of mortgages at Paragon Bank, flagged that the shift in tenant demographics would have “broad implications” for both the sector and policymakers.
“Older tenants are more likely to live in a rented home for a longer period, so they want security of tenure, the ability to make minor refurbishments, and possibly to keep pets,” said Louisa.
“Given the ageing demographic of the UK, we would expect this trend to continue, so landlords need to be mindful of the needs of more mature tenant groups and adapt their approach to suit their needs.”
