Tenants on the run-up to retirement age are the fastest growing group privately renting in England, Paragon Bank analysis has revealed.
The number of households headed by a person aged between 55 and 64 grew by 66% between 2014 and 2024 to 492,000, Paragon’s analysis of Government data found.
Those aged 65+ were the second highest growth group, rising by 33% over the same period to 433,000 households. Conversely, the number of younger households renting privately fell, with those aged between 16 and 24 falling by 16% over the past decade to 447,000, and those aged between 25 and 34 falling by 9% to 1.45m.
The Government’s English Housing Survey showed that 4.7m households rented privately in England in the year to March 2024, representing 19% of all households in the country.
Proportionally, households with a lead tenant aged 55 or over make up one in five privately rented households in England, compared to 14% in 2014. Those aged 24 or below represent 41% of households, compared to just under half (49%) a decade previously.
Compared to falling numbers of households renting privately among younger demographics, those buying with a mortgage aged between 16 and 24 rose by 62%, with the number of households aged between 25 and 34 buying with a mortgage increasing by 29%.