Growing number of 35 to 54-year-olds now in private rented accommodation
The number of people aged 35 to 54 who are renting a home has risen dramatically in the last three years. In a recent Stags survey of over 2,000 tenants, the 35 to 54 category selected not being able to afford the deposit or not meeting mortgage criteria as the main obstacle to getting onto the property ladder.
The results are also supported by the 2018 study by Department for Work and Pensions, which revealed the number of tenants ages 35 to 54 has nearly doubled in the last decade. Andrew Luxton MRICS FARLA, Partner in charge of Stags Residential Lettings department, is unsurprised by these latest statistics, stating that they reflect Stags’ own tenant analysis, “it is clear that a large proportion of more mature renters do not believe that they will ever be able to buy a home and one in five middle-aged tenants feel renting is in fact a better fit for their lifestyle.”
In 2016 and 2017 over half (51%) of private renters had been in rented accommodation for more than five years. These statistics confirm the importance of the Private Rented Sector in providing accommodation to an increasing number of households in the UK.
For further advice on any aspect of renting a property, whether you are a landlord or a tenant, please do not hesitate to contact one of our lettings offices, or follow us at @stagslettings on Twitter.
