A survey by the National Landords’ Association reveals that the number of retired people living in private rented accommodation has soared by over 200,000 in the last four years.
The NLA’s quarterly survey of over 700 tenants shows that the proportion of retired private renters has grown by 13 per cent since 2012 – approximately 220,000.
Seventeen per cent of the retired private renting population live in the south east, which is the area with the highest proportion across the UK. But only three per cent live in London itself, making it the area with the smallest proportion area across England and Wales for renting in retirement.
The association says there are almost four times as many retired renters in the North West (15 per cent) compared to the North East (4 per cent), and twice as many retirees rent property in the West Midlands (8 per cent) compared to the East Midlands (4 per cent).
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.
“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” explains Carolyn Uphill, NLA chairman.
“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” she says.