The Rise in mid-life renters

There has been an increase in the proportion of private renters, particularly among those in mid-life, figures show.

The number of households living in the private rented sector in the UK increased from 2.8 million in 2007 to 4.5 million in 2017, an increase of 63%.

According to the Office for National Statistics, the population of private renters is growing fastest among those aged 45 to 54.

Over the past decade, households in the 45 to 54 age group who are privately renting has increased from 11% to 16%. This represents an estimated increase of 384,000 households renting privately.

The data also shows that in 2017 35% of one adult households with children were in the private rented sector, compared with 18% in 2007.

Alistair McQueen, head of savings and retirement at Aviva, said the rise of the “mid-life renter” means an increasing number of Britons will see rental costs carried well into retirement.

“This change in fortunes raises the need for those in mid-life to carefully consider their financial needs in retirement. If the cost of rent needs to be added to their list of bills, it could have huge implications for their savings goals altogether,” he stated.

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