Latest research reveals that there is a rise in the number of happy silver renters
Some 40 per cent of people renting property in the UK are now aged over 46 with 18 per cent aged over 55.
Your Move, the estate and letting agency, has revealed that almost half of tenants living in private rental accommodation across the UK are aged over 46.
Some 36,500 participants took part in the research which was commissioned to provide insights into the 4.5 million privately rented households in the UK – a number which is expected to grow to 6 million over the next few years.
Of those surveyed, 25 per cent of 18 – 25 year olds claimed they were satisfied with renting, with 80 per cent wanting to own their own home in the future. These numbers reversed for those aged 55 and above, with almost half (46 per cent) stating they were happy with renting and only 19 per cent saying they would like to own a house in the future. Across all age groups, 81 per cent of tenants said that renting suited their lifestyle – whether that lifestyle choice was on a permanent basis, or just for a few years.
Valerie Bannister, Head of Lettings at Your Move commented: “These results show very clearly that renting is becoming extremely important across the UK.
"The rise of the Silver Renter may seem surprising, but increasingly thousands of people have turned to the Private Rental Sector as the most convenient option available to them, following a change in personal circumstance.
"Now more than ever, it is important that this sector offers good quality, well managed properties that allow tenants to feel at home in them.
“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.”