Nearly one in 10 rented homes in the UK could be a bungalow in the next 10 years, research conducted on behalf of Paragon bank has revealed.
A survey of over 1,300 tenants in the private rented sector (PRS) showed that currently 3% of people live in a bungalow, but 9% of respondents expect to rent this type of property in 10 to 15 years’ time.
The increase correlates with a forecast increase in older tenants living in rented homes over the same period.
Homes headed by a person over the age of 55 will account for over a quarter of all privately renting households by 2035, analysis conducted on behalf of Paragon Bank by the Social Market Foundation found.
It’s report, ‘Where next for the private rented sector?’, found that 18% of households currently privately renting are headed by somebody aged 55 or over. This will rise to 27% of households by 2035 according to the SMF’s projections.
Richard Rowntree, Paragon Bank managing director of mortgages, said: “The evidence suggests that the demographics of private renters is shifting and that the profile of tenants is getting older. There is a growing proportion of people who will rent property for their entire lives.
“The challenge for landlords is providing the right homes for older tenants. Bungalows are typically regarded as unfashionable, but they offer practical benefits for people who may not be as mobile as they once were.”