The over 50s generation is swelling in numbers as a major buy to let market for landlords.
New data shows that the over 50s account for 15 per cent of private rented households and the number is increasing rapidly.
This new group of renters either cannot afford to buy a home or makes a lifestyle choice to move into a rented property, says a report from letting agent Hamptons International.
The analysis profiles a typical over 50s renter as someone who lives alone in a two-bedroomed home, while one in three are past state retirement age.
Although they are spread evenly around the country, almost one in five tenants in the South East is over 50, while that reduces to one in 10 for London, the East of England and Yorkshire & The Humber.
The data also revealed the over 50s have moved into nearly 792,000 private rented homes in the past 12 months, which equates to a 61 per cent increase on 2012 and an 8.2 per cent rise from last year.
Aneisha Beveridge, head of research at Hamptons International, said: “The number of over-50s renting in Great Britain has reached a record high.
“With younger generations much less likely to be home owners, 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 per cent year-on-year. Wales and the East were the only regions to record small rent falls.”
Source: Hamptons International