A new report from letting agency Countrywide has revealed that there has been a substantial rise in the number of retiree renters.
Data from the analysis shows that retirees have paid a total of £3.7bn in rent during the last year – a rise of 200% in comparison to the £1.2bn paid in 2007.
In addition, the research highlights that retired people now make up 8% of all private tenants, a rise of 5.2% in comparison to ten years ago.
Households aged over 65 presently account for nearly 12% of all those living in the private rental sector, with this figure set to increase.
Girlings Retirement Rentals believe that this increase can be attributed to changing attitudes and perceptions to renting by the older generation. The firm has seen a steady growth in the number of enquiries received since 2002, with figures seen in 2015 and 2016 the highest on record.
The survey from Countrywide suggests that there are several reasons that the over 65s wish to downsize in their retirement. 34% of respondents said that they would move should they come to need more support, while 33% wanted lower property maintenance.
26% cited wanting fewer stairs for their reasons. Others highlighted wanting to live in a smaller house, reducing their outgoings and having a smaller garden to keep on top of.
Rise in the number of retiree tenants recorded
However, moving is but a pipe dream for many, with 42% believing there is a lack of suitable properties in the UK in which to move into.
Peter Girling, Chairman of Girlings Retirement Rentals, noted: ‘As people get older they want different things from a home and the option to downsize is something many would consider. Renting in a specialist retirement development is becoming a popular lifestyle choice. We offer properties on assured tenancies, so people have security of tenure which is very important for older people.’
‘Renting enables people to step off the property ladder, sell their homes and release capital to help fund retirement. They can downsize to a more manageable sized property, with added support services included in the rent – and be free from the burden of property maintenance or upkeep,’ he added.