Number of elderly renters likely to rise, claims sector supplier

The head of a retirement rentals brand says the phenomenon of the elderly tenant is on the increase.

Jamie Turnbull, business director at My Future Living, cites a new analysis by Paragon Bank revealing that over half of homes in the private rented sector are anticipated to be headed up by someone over 45 within the next 15 years.

A recent report from the Centre for Ageing Better says today there are almost 11m people aged 65 and over - 19 per cent of the total population - but in a decade’s time this will have increased to almost 13m people or 22 per cent of the population.

Turnbull says, “Renting is a popular choice for older people, especially homeowners who want to downsize after retiring. Renting in a retirement community offers several benefits including the chance to free up capital in a home and move to a smaller property where they don’t have to worry about maintenance, as this is included in the monthly rent. 

"Being part of a sociable community is a big attraction too, plus developments are usually located in convenient locations for shops, transport and health facilities. The majority of retirement rental properties are available on assured ‘lifetime’ tenancies, which give the same security of tenure as homeownership. This means renting can be a viable option, especially for those who have never rented.”