Most people think of renters as being young, single and responsibility-free. Students, young professionals and those saving up to get their feet on the property ladder are the categories most commonly associated with renting, with many seeing rented accommodation as a short term solution to a person’s housing needs.
However, in reality a large number of those living in rented properties are families, middle-aged people and even retirees. Thanks to rapidly rising property prices, many are choosing to avoid the property ladder altogether and are renting their homes instead.
More families renting in the private sector
Increasing numbers of families are now renting in the private sector. According to the 2016 English Housing Survey, the number of families renting their home increased from 30% in 2004-2005 to 37% in 2014-2015. This 7% rise equates to around 912,000 more households living in rented accommodation, a big increase in just ten years.
Many families are choosing to rent because of the high cost of property. However many are also opting for tenancies to ensure they’re in the catchment area for a desirable school, to provide their families with larger living spaces and to live in the most popular regions.
Retirees releasing equity tied up in property
As property prices have increased so sharply in the past few decades, more and more retirees are opting to sell up and move into rented accommodation in their golden years. As well as being a great chance to downsize, move to a new area and enjoy their retirement, this also allows older people to release the equity that’s tied up in their properties and fund a more comfortable retirement.
As well as families and retirees renting entire properties, there are also more older people living in shared rented accommodation. According to Spare Room and Easy Roommate, more than one in ten sharers are now aged over 40 with the number of over 65s seeking a room to rent has increased by a huge 725% in just seven years.
With more and more people viewing rented accommodation as a long term option, the demand for properties is on the up. If you’re a landlord looking for reliable tenants or a renter searching for a high quality home, take a look around our site or give us a call and talk to an expert member of our team.