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Increasing numbers of people aged 50 years and above now rent a home. A survey carried out by a leading insurance provider found that one third of the over 50s are in this category, compared to only 26% a few years ago. This pattern is not dissimilar to ‘Generation Rent’, many of whom who are struggling to gain a foothold on the rental ladder because of strict borrowing conditions and a lack of affordable properties.
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Housing Shortages for Generation Rent
Rents have increased greatly in the last few years. There is now a huge demand for rental properties in many parts of the UK, which has led to housing shortages, particularly at the lower end of the market. Many renters pay up to a third of their monthly income on rent, so it can be very difficult to save for a deposit.
Generation Divorce
According to the Daily Telegraph, as many as 25% of over 50s generation divorce and sell the family home. 8% of these will be forced into rental accommodation because their finances won’t stretch to the purchase of a new home. This can lead to a lot of insecurity in later life and half of all ‘silver splitters’ admit that their relationship break-up has left them struggling.
A survey carried out by Saga found that older renters tend to have far more personal belongings than younger renters. Many don’t bother insuring their possessions however, which is a concern.
