The number of people living in private rented accommodation in retirement has soared by more than 200,000 in the last four years, according to a poll of private renters.
Overall, the poll shows that the proportion of retired private renters has grown by 13 per cent since 2012 – approximately 220,000 – with 17 per cent of the retired private renting population live in the South East of England.
However, only three per cent live in London and only four per cent in the North East.
However, the proportion of landlords who let to retired renters has almost halved during the same timeframe, with nine per cent of landlords saying they currently let to retirees compared to 19 per cent in 2012.
The research - by the National Landlords’ Association - suggest that it could become harder for those approaching retirement to find suitable rented accommodation in the future, especially in high demand areas.
“More and more people are turning to private rented housing at every stage of their lives, including in retirement. Landlords appreciate the stability and assurances often provided by older households, but are finding it increasingly difficult to build businesses around the needs of potentially vulnerable tenants” says an NLA spokeswoman.
“Successive cuts to the welfare budget, uncertainty about pension provisions, and the devastating impact of the government’s tax changes are likely to mean that private landlords will soon be unable provide homes in high cost areas like central London for anyone without a well-paying job” she adds.
“As the proportion of retired renters continues to grow there’s a real worry that homes won’t be available in the private sector, forcing people to look further afield – leaving communities they have known and contributed to for decades.”