According to new research, there has been a large increase in the number of retirees renting homes over the past decade.
The study, conducted by letting agency Countrywide, showed that retirees have paid a total of £3.7bn in rent over the past 12 months, which equates to an increase of 200% when compared to the £1.2bn paid in 2007.
Retired people now account for 8% of all private tenants, which is up from 5.2% ten years ago. This could be attributed in part to changing perceptions and attitudes regarding renting in the older generation.
Further research by Strutt & Parker and Octopus Healthcare showed that one in five baby boomers would consider living in a professionally managed rental property.
Their survey highlighted that there are several reasons as to why the over 65’s want to downsize in their retirement. The top three reasons were requiring more support (34%), lower property maintenance (33%) and more accessible home with fewer stairs (26%). Other reasons were wanting to live in a smaller property, reducing their outgoings and having a smaller garden.
Problems may arise though as 42% believe there is a lack of suitable properties in the UK to downsize into. Strutt & Parker state that there is clearly a need for a new breed of retirement communities in the UK.