The rise of middle-aged renters in the United Kingdom over the past decade has been significant. According to data, there has been a 70% increase in the number of households aged between 45 and 64 who are now privately renting. This is more than any other age group. In fact, over the past ten years, the number of middle-aged households that privately rent has nearly doubled, with 1.18 million homes in England now occupied by people in this age range, compared to 691,000 in 2011.
The increase in middle-aged renters has outpaced other age groups as well.
- Private rented households aged 65 or older increased by 38%
- Renters aged 34 to 44 saw an increase of 21%
- The number of tenants aged 16-34 grew by a mere 3%
Ever-climbing house prices are cited as the main reason for the rise in middle-aged renters – many desire to own a property, but are often unable to afford one.
A Paragon poll of more than 2,000 tenants found that only 19% of people in the 45-64 age range are actively saving money to purchase a home, despite the fact that almost half of them (47%) want to.
Financial constraints are a major problem for middle-aged renters. Only 14% of people in this age group earn more than £50,000 annually, with 25% making less than £10,000 and a similar percentage earning between £30,000 and £50,000. Combined with high rental prices and the increased cost of living, it can be difficult for these tenants to save for a deposit and they have fewer options for obtaining and paying off a mortgage.
The increase in middle-aged renters has significant implications for the rental market as a whole. For landlords, there is a larger pool of potential tenants to choose from, but there is also an increased risk of long-term tenants defaulting on their rent or causing property damage. For tenants, there is more competition for rental properties, which can drive up prices and make it harder to find a place to live.
One way that middle-aged renters can improve their experience is by using a tenancy management app like Squire. We provide a central location to keep track of rental payments and communicate with landlords – useful for those busy schedules or who aren’t particularly tech-savvy.
Squire aims to encourage a fair, transparent renting experience and allow tenants and landlords to rate each other based on key criteria:
- Tenants can rate landlords on how quickly they respond to issues, communication, and the condition of the property
- Landlords can rate tenants on cleanliness, communication, and their ability to pay rent on time
The app also allows tenants to report any maintenance issues they may have with their rental property, which can save time and hassle for both the tenant and the landlord. Landlords can use the app to quickly and easily address any issues that may arise, which can help to improve the overall rental experience for tenants.
