A study of Government data carried out by Paragon found this was the fastest growing demographic of private renters.
The second-fastest growth in renters was those aged 65 and over, rising by a third between 2014 and 2024 to total 433,000 households.
In contrast, the number of younger private renters dropped, with a 16% decline in tenants aged between 16 and 24 to 447,000 and a 9% fall in those aged between 25 and 34 to 1.45 million.
Overall, more than a fifth of privately rented homes were headed by a tenant aged 55 or over, up from 14% a decade ago. Tenants aged 24 or younger made up 41% of households, compared to 49% in 2014.
The Government’s English Housing Survey showed that 19% of all households were privately rented, making up 4.7 million.
Wellness and wellbeing holidays: Travel insurance is essential for your peace of mind
Out of the pandemic lockdowns, there’s a greater emphasis on wellbeing and wellness, with
Sponsored by Post Office
While the number of younger renters declined, there was a 62% rise in people aged between 16 and 24 buying with a mortgage. The share of households aged between 25 and 34 buying with a mortgage rose by 29% over the 10-year period.
Louisa Sedgwick, managing director of mortgages at Paragon Bank, said: “The shift in the demographics of tenants over the past decade is clear. There are more older households in the sector than ever before, with over 900,000 households led by a person aged 55 or over and the number of households aged between 55 and 64 hitting its highest ever level.”
She added: “This has broad implications for 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.
“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.”
Last month, the Government published a report suggesting there was a need for more diverse housing for older people.
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: Tenants nearing retirement recorded as fastest growing renter group – Paragon
