Latest data released from estate agents Your Move has revealed that nearly half of the total number of renters in the private rental sector in Britain are over the age of 46.
This result came from research of 36,500 participants, with the investigation commissioned to give a further insight into the 4.5m privately rented households in Britain.
The research uncovered that 18% of renters are over the age of 55, with 22% in the 46-55 age bracket. Somewhat surprisingly, 39% of people in the private rental sector are under 35.
Of those questioned, 25% of 18-25 year olds said that they were happy with renting, with 80% longing for their own home in the future. For those over 55, 46% said they were happy with renting and only 19% wanted to own their own property in the future.
For all age groups, 81% of tenants said that renting suited their lifestyle, either permanently or for a few years.
Half of UK renters over the age of 46
Valerie Bannister, Head of Lettings at Your Move, noted: ‘these results show very clearly that renting is becoming extremely important across the UK. The rise of the Silver Renter may seem surprising, but increasingly thousands of people have turned to the Private Rental Sector as the most convenient option available to them, following a change in personal circumstance. Now more than ever, it is important that this sector offers good quality, well managed properties that allow tenants to feel at home in them.’
‘Many of the younger tenants in our survey have aspirations to own their own home in the future. However, the endemic lack of affordable housing to buy across the UK, coupled with a low savings-rate environment, is making it increasingly difficult for want-to-be homeowners to buy their first home,’ she continued.
Concluding, Bannister said:’ the Private Rental Sector needs to answer this issue by becoming a first choice tenure and not just the second best option. If the flexibility of renting can be combined with the stability and reassurance of longer residencies and fewer restrictions around making the space feel like home, for many, renting would be considered a better long-term, as well as short-term option.’