The Rise of Over-55s in the Private Rental Market: A Trend to Watch

An Unprecedented Shift in Tenant Demographics

Recent research by Paragon Bank reveals a significant rise in older tenants renting privately across England. Over the last decade, households headed by individuals aged 55-64 have surged by 66%, reaching 492,000 by 2024. Similarly, households led by those aged 65 and over have grown by 33%, totalling 433,000.

This shift marks a clear contrast with younger demographics, where private renting has seen a decline. For instance, households headed by 16–24-year-olds have dropped by 16%, while those aged 25–34 have fallen by 9%.

What This Means for the Buy-to-Let Market

With 19% of all households in England now privately renting, older tenants are becoming a key demographic for landlords. Currently, one in five privately rented households is headed by someone aged 55 or older, a rise from 14% in 2014.

Louisa Sedgwick, Paragon Bank’s Managing Director of Mortgages, highlights that this trend has profound implications for landlords and policymakers. Older renters often stay longer, desire greater security, and may request modifications like pet permissions or minor refurbishments.

The Future of Property Investment: Catering to Mature Renters

As the UK population continues to age, the number of older tenants in the rental market is expected to rise further. This presents opportunities for buy-to-let investors to tailor their offerings to meet the needs of this growing demographic. By providing stable, tenant-friendly homes, landlords can tap into this expanding market while ensuring long-term tenant retention.

Ready to Invest in the Future of Property?
Understanding tenant trends is key to making informed property investment decisions. If you're ready to explore opportunities in the UK buy-to-let market, visit our website to learn more and take the next step.