The fastest growing demographic in the tenant market is the 45 and overs, according to recent statistics highlighted by flat sharing site SpareRoom.
Data which they’ve taken from their website, shows that there has been a 700% increase in older flat sharers in the last 10 years, which is twice as quick as tenants aged between 18 and 44. So whilst they’re still not the biggest part of the tenant market, they’re certainly growing the fastest!
What’s caused the rise?
The flat sharing site thinks the boom in ageing renters is largely down to affordability, with rising rents giving people little option but to remain lifelong renters, leaving little room for saving a deposit to buy a property.
Others are returning to renting in their 40s and 50s, which could be for a number of reasons, many involving a change in personal circumstances.
Whatever the reasons, these statistics are extremely interesting given that in the UK renting has traditionally been associated with young people – not anymore, the 45+ bracket is changing that at a speedy rate! From 2008 – 2018, the number of 65+ year olds using SpareRoom has increased by over 1800%! Anecdotally, we can see their statistics reflected in the general housing market, too.
Whichever age category box you find yourself needing to tick on forms, and whatever your circumstances when it comes to renting or buying a property, we don’t deal in statistics, just real people. Get in touch with us, and a member of the team will be only too happy to have a chat, discover what it is that you’re looking for, and get you on the way to finding your dream home.