By People over the age of 50 accounted for 15 per cent of rented properties across the UK, leading up to May 2019, which was 61 per cent more than in 2012, according to a recent rental index from Hamptons International.
Over 50’s tenants were estimated to rent 791,580 homes in the UK this year, which was 8.2 per cent more than the same period last year. This trend appears to be led by the South East, which showed the highest number of over 50’s renters, making up 19 per cent of renters.
The South West and North West had the second highest proportion of older renters, with 16 per cent, followed by Wales with 15 per cent. Meanwhile, the East of England, London and Yorkshire and Humber showed the lowest proportion of tenants over 50, with 11 per cent.
Higher costs for older tenants
As a result, older tenants will pay £9.2 billion on rent this year, which is up from £5.1 billion in 2012 and £8.5 billion last year. An average of £1 in every £7 paid by tenants comes from over 50’s tenants.
Also, during 12 months leading up to May 2019, the average renter aged over 50 paid £1,000 pcm, which is 3 per cent more than other tenants in the UK, the index estimated.
Rents increase across Britain
Moreover, the average cost of a new let rose to £977 pcm, marking a 2.6 per cent year-on-year increase, which was driven by the rising rents in the South of England. In the South West, average costs have increased by 4 per cent, recording the strongest annual rental growth.
Greater London reported a 3.1 per cent year-on-year rise, while the East and Wales showed negative rental growth, with rents declining by -0.5 per cent and -0.1 per cent year-on-year on average, according to the letting index.
Aneisha Beveridge, head of research at Hamptons International, commented: “With younger generations much less likely to be homeowners, tenants are getting older, and an ever more diverse group of people are calling the rented sector home.”
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