Renting across the UK is growing in popularity across every demographic, with 200,000 more retirees choosing to rent in the last four years.
- The private rented sector continues to diversify in popularity, as the number of retired renters increases by 200,000 since 2012
- With some 17% and 15% of the retired renting population living in the south-east and north-west respectively, these two regions prove the most popular
- As the popularity of renting increases, the supply-demand imbalance is set to grow
The number of retirees living in private rented accommodation in the UK has soared by more than 200,000 in the last four years.
A survey from the National Landlords Association (NLA) shows that the proportion of retired private renters has grown by 13% since 2012 as more and more people turn to the private rented sector (PRS).
Some 17% of the retired private renting population live in the south-east, the area with the highest proportion across the UK. However, just 3% live in London which is the area with the smallest proportion area across England and Wales for renting in retirement.
There are almost four times as many retired renters in the north-west at 15% compared to the north-east at 4% and twice as many retirees rent property in the West Midlands at 8% compared to the East Midlands at 4%.
With the number of retirees entering the PRS increasing, the sector shows continued diversification and universal appeal.
“More and more people are turning to private rented housing at every stage of their lives, including in retirement. Landlords appreciate the stability and assurances often provided by older households.
“As the proportion of retired renters continues to grow there’s a real worry that homes won’t be available in the private sector, forcing people to look further afield, leaving communities they have known and contributed to for decades,” Carolyn Uphill, Chairman of the NLA, commented.
The findings suggest that it could become harder for those approaching retirement to find suitable rented accommodation in the future, especially in high demand areas.