The number of people renting between the age of 55 and 64 has risen by 80% in a single decade, suggesting the cost of housing is pushing more people out of owning for life.
The statistics, from buy-to-let lender The Mortgage Works, found that nearly 20% of rented households are for those over 55 years old.
The proportion of 55- to 64-year-olds living in property they own has dropped by 10% in the past decade.
Damian Thompson, director of landlord at The Mortgage Works, said: “Understanding the dynamics of the private rented sector has never been so important. The sector continues to support the lives of millions of people across the UK by providing homes for those who either can’t afford to buy or prefer not to own a home.
“We look forward to understanding the new government’s plans to create a stronger, fairer private rented sector, where legislation works for both landlords and tenants.
The research also reveals that smaller landlords are increasingly dominated by big players, as the proportion of landlords with more than five properties has trebled between 2010 and 2021.
With around 350,000 buy-to-let fixed-rate mortgages set to mature in the next year, remortgaging landlords face potential payment shocks of around £225 per month.
