Significant increase in the number of over-50s living in rented homes

There has been a sharp rise in the number of over 50s renting homes, according to new research from Hamptons International.

Some 15% of rented households so far this year are made up of people aged 50 and over currently rent, up from just 11% in 2012, according to the findings.

The research surveyed more than 13,700 people aged 50 and above from across the UK.

Hamptons International, part of the Countrywide Group, estimate that this year over 50’s rented 791,580 homes in Great Britain, 61% more than the 490,450 recorded in 2012.

Number and % of rented households over 50 across Great Britain

Source: Hamptons International & EHS

High property prices and divorce rates could be partly behind the numbers of over-50s starting life afresh in rented homes, and a result, over 50’s will pay £9.2bn on rent this year, up from £8.5bn last year and just £5.1bn in 2012. 

The highest proportion of older renters can be found in the South East, where 19% of tenants are over 50. The South West (16%), North West (16%) and Wales (15%) follow. 

Meanwhile, the East of England, London and Yorkshire and Humber (11%) have the lowest proportion of tenants over 50.

% of homes rented by over 50’s in each region

Source: Hamptons International

During the last 12 months the average tenant over 50 paid £1,000 per calendar month (pcm) on rent, £30pcm more than other tenants in Great Britain, according to Hamptons International’s Monthly Letting Index published today.

Most tenants over 50 live in two-bedroom properties (44%), with 26% choosing a three-bedroom and 19% living in a one-bedroom home. 

Across Great Britain 48% of tenants over 50 live alone.

The average cost of a new let in Great Britain rose to £977pcm, a 2.6% year-on-year increase, fuelled primarily by rising rents in the South.  The South West recorded the strongest annual rental growth of 4%. 

Meanwhile, rents in Greater London increased 3.1% year-on-year, however this is compared with a short period of weak average rents back in May 2018. 

The East and Wales were the only regions to record negative rental growth, with average rents falling -0.5% and -0.1% respectively year-on-year.

New lets (pcm)

Source: Hamptons International

Aneisha Beveridge, head of research at Hamptons International, said: “The number of over 50’s renting in Great Britain has reached a record high. 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.

“Rising rents in the South drove rental growth in Great Britain in May. The South West recorded the strongest rental growth, with rents rising 4% year-on-year. Wales and the East were the only regions to record small rent falls.”

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