New research suggests that an influx of older renters has increased congestion in the rental market.
Some 39 per cent of renters are now aged 45 or above, with a fifth of these having only entered the rental market in the past five years.
More than half of renters in this age group previously owned homes but no longer own a property.
The organisation behind this research - Credit Karma - claims this mirrors government data, which shows there are 225,000 more 55-to-64 year olds living in private rented homes in the past decade. This contributes to the situation where some 41 per cent of renters aged 18-to-24 found it difficult to find a rental property.
In the overwhelming number of cases - 71 per cent - the aged-45-and-above renters are in the sector because they can’t afford to buy a property, often because of divorce. A fifth of renters aged over 45 said a change in their relationship status was the reason for renting, rising to 28 per cent of those aged 55 or over.
Credit Karma claims that older renters are an attractive prospect for landlords, with 14 per cent saying that they actively look for more mature or experienced tenants when letting their properties.
The research suggests the vast majority of landlords say a renter’s financial history is important and two in five want those with a good credit history or score. Tenants aged over 65 are three times as likely to check their credit score regularly compared to 18-to-24 year-olds.
A spokesperson for Credit Karma says: “The hot rental market won’t be simmering down anytime soon as a new wave of older renters are also vying for properties. If you are looking to lease a home, whether that’s because of a change in personal circumstances or a desire to have additional flexibility in your living arrangements, it’s more important than ever to be in the best financial position possible.”
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