Many British pensioners are property rich but cash poor.
As a result a significant number are seeking to boost their retirement incomes and are doing so through property rentals.
Research by MORE TH>N Home Insurance, has revealed that 15% of retired homeowners are seriously considering renting out a room in their home to a stranger in order to boost their retirement income, resulting in a new crop of inexperienced and unlikely landlords.
It has dubbed this tidal wave of reluctant retired landlords as "Granlords".
But the research also reveals just how unprepared reluctant "Granlords" are for the challenges and responsibilities they face. Of all UK retired homeowners researched, more than half (51%) do not feel they have sufficient knowledge about the responsibilities required of a landlord or the type of insurance cover they need.
Matthew Poll of MORE TH>N, said: “After years of working, being forced to become a landlord after retiring is far from an ideal situation but it’s clear that many people are considering this to provide additional financial support."