Currently, there are 4.5 million private renters across the UK, a number which will increase to 6 million over the next couple of years. Letting agents Your Move tried to find out more about those living in rented accommodation and asked 2,873 tenants across the UK about their renting lifestyles.
The study, conducted on behalf of Your Move’s sister company LSL Corporate Client Department Ltd, revealed that 40% of private tenants across the UK are aged 46 years and older.
Out of the 40% of “Silver Renters”, a total of 18% were in the age group of 55+ whilst the remaining 22% belonged to the age group of 46-55 years old. Surprisingly enough, only 39% of private renters were 35 years old or younger.
The study also revealed that “of those surveyed, 25% of 18 – 25 year olds claimed they were satisfied with renting, with 80% wanting to own their own home in the future. These numbers reversed for those aged 55 and above, with almost half (46%) stating they were happy with renting and only 19% saying they would like to own a house in the future. Across all age groups, 81% of tenants said that renting suited their lifestyle – whether that lifestyle choice was on a permanent basis, or just for a few years.”
The rise of the “Silver Renter” may come as a surprise to many, in recent time, however, thousands of people have turned to the PRS (Private Rental Sector) simple because of its convenience.
This means, it’s now more important than ever before to make sure high quality, well managed properties are available for everyone.
Valerie Banister, Head of Lettings at Your Move, said:
Many of the younger tenants in our survey have aspirations to own their own home in the future. However, the endemic lack of affordable housing to buy across the UK, coupled with a low savings-rate environment, is making it increasingly difficult for want-to-be homeowners to buy their first home.”
“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.”
