The number of people aged over 50 living in rented accommodation has continued to grow steadily over the last five years, according to new research.
Saga Home Insurance says that one in three people aged over 50 is currently living in a rented home – a rise from one in four doing so in 2011.
The firm says there are a variety of reasons for the rise including rocketing house prices and some people opting to cash in with their home’s equity to enjoy their retirement years. In addition, there's also been an impact from a rise in over 50s divorcing with more than ever getting divorced.
One in five renters who is aged over 50 is currently single
Their research reveals that one in five renters who is aged over 50 is currently single and trying to get themselves back onto the housing ladder.
The largest increase for those aged under 70 to have begun renting a home are those in the 50-54 age group, with the average value of contents for everybody aged over 50 in rented accommodation being worth on average £20,000. However, nearly 60% of tenants in this age band do not have home insurance to cover potential losses.
The chief executive of Saga, Roger Ramsden, said that while landlords are responsible for repairs to property they are not responsible should the tenant’s property be damaged or stolen so having proper insurance in place is crucial.
Tenants out-of-pocket with unexpected costs
Meanwhile, it has been revealed that growing numbers of tenants are being caught out with unexpected costs that are not covered by their landlord’s insurance.
Insurance provider Endsleigh says that 14% of tenants spend £165 every year on average paying for repairs including property maintenance and flood damage with 70% of them not accepting the reason for their landlord’s charges.
The study also reveals that 47% of tenants were not expecting an annual rent rise and 45% said they were unaware of their responsibilities under the tenancy agreement.
However, 83% of tenants said they were happy with their landlord, and 41% of landlords said they go the extra mile to ensure their tenants are happy with 28% saying they would absorb the cost of a potential rent increase to keep the tenant in the property.
Endsleigh's head of property, David Hadden, said: “Unexpected costs will be held high on a tenant's agenda though it is reassuring hearing that a third of landlords will absorb rent increases.”