Property expert David Plaister says that in addition to millennials, the number of renters aged 50 and over has reached a record high.

Analysis of Countrywide branch data by Hamptons International found over-50s accounted for 15 per cent of rented households so far this year, up from 11 per cent in 2012 when the data was first recorded.

Almost a third of this group are pensioners, Hamptons International said.

The agent estimates that over-50s rented 791,580 homes this year, 61 per cent more than in 2012 and 8.2 per cent more than last year.

As a result, it says, this group will pay £9.2bn in rent this year, up from £5.1bn in 2012 and £8.5bn in 2018.

It means that £1 in every £7 paid by tenants in Great Britain now comes from a tenant aged over 50, compared with £1 in every £9 in 2012.

The highest proportion of these renters is in the south-east at 19 per cent, followed by 16 per cent in the south-west and north-west.

The east of England, London and Yorkshire & Humber (11 per cent) had the lowest proportion of tenants aged 50 and over.

Across all age groups, the agent said average rents on new lets rose 2.6 per cent annually in May to £977 per month, mainly driven by rises in the south.

Aneisha Beveridge, head of research at Hamptons International, said: “The number of over-50s renting in Great Britain has reached a record high.

“With younger generations much less likely to be home owners, tenants are getting older, and an ever-more diverse group of people are calling the rented sector home.”

David added: “One of the main problems in this section of the market is simply a gross lack of properties available which are suitable for retirement and therefore living lifestyle options are few.”  

 

Average rental prices

 

May-19

May-18

Annual rental growth

Greater London

£    1,716

 £    1,664

3.10 per cent

South East

£    1,061

 £    1,036

2.40 per cent

South West

£       814

 £       783

4.00 per cent

East

£       945

 £       950

-0.50 per cent

Midlands

£       686

 £       675

1.60 per cent

North

£       628

 £       621

1.10 per cent

Wales

£       666

 £       667

-0.10 per cent

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