Number of pensioners renting privately ‘at record high’
The increase in pensioner bachelor pads as divorce rates among older couples become more regular has seen the number of pensioners in private rental properties across the UK reach record levels, according to a lettings index.
As a growing number of so-called “silver splitters” are moving into rented accommodation after leaving the marital home, lettings network Countrywide found that around one in every 12 private rental sector tenants is a pensioner.
It comes as official data shows divorce among people aged 60 and over has been rising since the 1990s.
Across Britain, retired people now account for 8% of tenants, compared with around one in 20 in 2007.
Countrywide said around £1 in every £14 paid by tenants across Britain now comes from a pensioner’s wallet.
Across Britain, 53% of tenant pensioners live alone, it added.
Johnny Morris, research director at Countrywide, said: “The rental market can no longer be typified by the image of carefree, young professionals.
“More than half of tenants are over 30 and the number of pensioners renting has reached record levels. And with younger generations growing up much less likely to be homeowners, tenants are getting older with an ever more diverse group of people calling the rented sector home.”
The average retiree pays £810 per month in rent, around 12% lower than the typical tenant, with people in the older age group tending to live in smaller properties, Countrywide said.