The average age of tenants is increasing as new figures show that over-30s account for almost 60% of the rental market.
The number of people over 30 living in rented accommodation has increased by 5.8% since January last year, with this age group now accounting for 59.3% of tenants.
This is according to Countrywide Residential Lettings, which found that the tenant demographic is undergoing a dramatic transformation.
The number of tenants aged between 41 and 50 is also inching up, having risen 2.2% year-on-year to currently account for 16.2% of the rental sector.
The proportion of families who are renting has also increased, especially in London where there are 6% more tenants living with children compared to last year.
A larger and more varied rental market is potentially good news for those seeking a profitable investment opportunity in the buy-to-let sector.
The rental market is becoming increasingly popular across a wider variety of age groups in spite of the rising average monthly rent.
Marking an annual increase of 2.9%, the average annual rent in the UK now stands at £859 – but despite this, tenant arrears have fallen in all regions except Scotland.
The North East witnessed the largest fall in arrears with 1.9%, compared to Scotland where arrears rose by 2.6%.