The number of middle-age and later life tenants living in privately rented homes has accelerated faster than those under the age of 35 over the past decade, Paragon Bank analysis has revealed.
Between 2011 and 2021, there has been a 110% increase in the number of households privately renting in England where the household lead was aged between 55-64 to 485,000, whilst those aged between 45 and 54 increased 50% to 691,000.
The number of households aged 65 and over hit 382,000 in 2021, up 38% on a decade before. Conversely, the number of 16–24-year-old households in the private rented sector declined 3.7% over the same period to 560,000, with those aged between 25 and 34 increasing by 6% to 1.37m.
Overall, households aged 35 or over living in rented homes totalled 2.5m, compared to 1.9m aged 34 or below, challenging the stereotype that the private rented sector is primarily a tenure for younger tenants.
Richard Rowntree, Paragon Bank managing director of mortgages, said: “The private rented sector has evolved over the past decade and has seen strong growth in the number of middle-aged and later life tenants. The perception of rented property as being the preserve of the young is outdated.”