There has been a steep rise in the number of tenants aged over 50 who are renting their homes, new research reveals.
Hamptons International says that so far this year, around 15% of rented homes are made up of people who are aged over 50. In 2012, that figure was just 11%.
The figures show that in 2012, over 50s rented 490,000 homes while this year the figure has risen by 61% to 791,500 homes.
The highest proportion of tenants aged over 50 are found in the South East, where they account for 19% of tenants.
In the South West they account for 60% - as they do in the North West and in Wales they account for 15% of the sector.
Renters aged over 50
The lowest proportion of renters aged over 50 are found in the East of England, London, as well as Yorkshire and Humber where the figure is 11%.
Also, the average rent being paid by those over 50 is £1,000 per month, that's £30 per month more than other tenants.
Most of them are living in two-bedroom properties, they account for 44% of the total, with 19% living in a one-bedroom home and 26% opting for a three-bedroom property.
However, 48% of tenants over the age of 50 are living alone.
Hamptons' head of research, Aneisha Beveridge, said that the number of over 50s are renting a property has now 'reached a record high'.
She added: "With younger generations being less likely to become a homeowner, renters are becoming older and an ever more diverse group of tenants is now calling the rented sector home."
Why BTL investors should use a broker
Meanwhile, those buy to let landlords who are looking to increase their property portfolio are being encouraged to use specialist mortgage brokers.
The call comes from the chief executive at Commercial Trust Andrew Turner who says a broker could make a big difference to maintaining profits.
He said that with landlords now feeling the effect of government tax changes, growing numbers are considering selling-up as the costs now outweigh the benefits.
He said: "The value of utilising a broker to a landlord working with the breadth of lenders has never been greater. Landlords have seen big changes and rules which are professionalising the industry, but adding further costs.”
He added that with a 12-year mortgage high in the range of buy to let mortgage products available means landlords will need professional help in negotiating the sector to find the best deal that suits them.
