Number of households rented by over 50’s rises 61 per cent since 2012

So far this year over 50’s accounted for 15 per cent of rented households, up from just 11 per cent when Hamptons International’s records began in 2012. Nearly a third of this group are pensioners.
 
Hamptons International estimate that this year over 50’s rented 791,580 homes in Great Britain, 61 per cent more than in 2012 (490,450) and 8.2 per cent more than last year.

As a result, over 50’s will pay £9.2 billion on rent this year, up from just £5.1 billion in 2012 and £8.5 billion in 2018. This means that £1 in every £7 paid by tenants in Great Britain now comes from a tenant aged over 50, compared to £1 in every £9 spent in 2012.
 
The South East has the highest proportion of older renters, where nearly one in five (19 per cent) tenants are over 50. The South West (16 per cent), North West (16 per cent) and Wales (15 per cent) follow. Meanwhile the East of England, London and Yorkshire and Humber (11 per cent) have the lowest proportion of tenants over 50.
 
During the last 12 months the average tenant over 50 paid £1,000pcm on rent, 3 per cent (£30pcm) more than other tenants in Great Britain. Most tenants over 50 live in two-bedroom properties (44 per cent), with 26 per cent choosing a three bed and 19 per cent living in a one-bedroom home.  Across Great Britain 48 per cent of tenants over 50 live alone.

The average cost of a new let in Great Britain rose to £977 pcm, a 2.6 per cent year-on-year increase. This was mainly driven by rising rents in the South. The South West recorded the strongest annual rental growth of 4.0 per cent. Meanwhile rents in Greater London increased 3.1 per cent 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 per cent and -0.1 per cent respectively year-on-year.
 
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 4.0 per cent year-on-year.  Wales and the East were the only regions to record small rent falls.”