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An increasing number of private renters are now aged over 40, according to new research.
18% are over the age of 55 and another 22% are in the 46-55 age group. Those living in private rental accommodation under 35 made up just 39% of the market.
These figures represent an important shift over the last 10 years which reflects the rise in house prices and an aging population.
The research by Your Move also invalidates the assumption that the sharp increase in the number of people renting is solely fuelled by younger renters, with more 40-plus year olds choosing to live in rental accommodation or having no other alternative.
“Renting is a convenient option for many people who are considering their living situation. It doesn’t tie people down to live in one location or area for an extensive period of time and if a tenant’s situation changes, they are able to move on with relative ease whereas the same is not possible for home owners,” said a spokesperson for Property 118’s landlord insurance provider Discount Insurance.
Of those surveyed, 25% of 18-25 year olds have said they are satisfied with renting however 80% want to own their own home in the future.
On the other hand, 46% of those aged 55 and above were happy with renting, and only 19% said they would like to own their own home in the future.
81% of all tenants revealed that renting suited their lifestyle at the current time.
Valerie Bannister, head of letting at Your Move, commented: “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.
“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.”
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