Average age of renters across the UK
In the UK, the majority of people living in rented accommodation are relatively young. This is largely because a lot of renters aim to save up enough money for a deposit and eventually buy a home of their own.
However, in the last few years, the average age of renters has started to creep up. Forty-somethings are now twice as likely to be renters than they were ten years ago and more middle-aged people are seeing renting as a long term option.
This picture does vary slightly across the country. As @LA_Today says, “In the south west of England – where renters are at their oldest – the typical tenant is aged only 35.The youngest renters can be found in the north west of England, with an average age of 32 years.”
So what’s the average age of renters in different parts of the UK? We decided to find out.
The national picture
According to the LFS Household Dataset released in 2016, the vast majority of people living in privately rented accommodation are aged 16-24. This age group accounts for around 65% of renters in the UK.
The next largest group is made up of those aged 25-34.They account for 42% of private renters. 35-44 year olds make up 23% of renters and 55-64 year olds make up 8%. According to the figures, around 9% of private renters are ages 65 or over.
Why are renters getting older?
There are a number of reasons that people are staying in rented accommodation for longer. For young people, one of the main factors is the increasing cost of buying. House prices in the UK have been going up for years now and many people are no longer able to get a foot on the property ladder.
A lot of older renters have been homeowners, but have moved back into rented accommodation because of divorce or another significant lifestyle change.
However, another reason that people are staying in rented accommodation for longer is that it’s often more convenient. When renting a property, you don’t have to worry about maintenance costs or paying a monthly mortgage.
This can make it an appealing option for people who want a simple living solution and the freedom to focus on their work or hobbies.
A lot of the time, it’s also easier to find rented properties in city centres and other prime locations. This can make it a lot more tempting for young people, and those who want a convenient location, to remain a tenant for longer.
The turnkey option
Another very good reason to stay in rented accommodation is that it has the potential of being a turnkey option. If you look for rented accommodation that comes fully furnished and with bills included, you can simply move in and start enjoying your new home.
Find out more, and learn about the high quality properties we have to offer, by exploring our site today.