Renting has become a popular choice for many across the UK, either due to lifestyle preference or simply because of affordability.
Now, new information from an analysis of Countrywide branch data has highlighted that there has been a particular increase in the number of renters aged over 50.
The analysis, undertaken by Hamptons International, has found that 15% of rented households in the UK are tenanted by those over 50. This is up from 11% in 2012, which was when the data was first recorded.
Going into further detail, Hamptons International, which is part of the Countrywide Group, has estimated that 791,580 homes have been rented this year by those over 50. This is a 61% increase on the 2012 figures and 8.2% more than last year.
The results state that this age group will pay £9.2bn in rent this year, which is up from £5.1bn in 2012 and £8.5bn in 2018.
Most of the renters in this age category are in the southeast, making up 19% of the total. The southwest and northwest both contain 16% of the homes let to those over 50.
% of homes rented by over 50s in each region
|Region||% of homes let by over 50’s|
|Yorkshire and the Humber||11%|
|East of England||11%|
Source: Hamptons International
Aneisha Beveridge, head of research at Hamptons International, said: “The number of over-50s renting in Great Britain has reached a record high.
“With younger generations much less likely to be home owners, tenants are getting older, and an ever more diverse group of people are calling the rented sector home.
“Rising rents in the South drove rental growth in Great Britain in May. The South West recorded the strongest rental growth, with rents rising 4% year-on-year. Wales and the East were the only regions to record small rent falls.”