Tenants in the run-up to retirement age are the fastest growing group privately renting in England, new analysis by Paragon Bank has indicated.

The number of households headed by someone aged between 55 and 64 grew by 66% between 2014 and 2024, to 492,000, according to Paragon’s analysis of Government data.

Those over the age of 65 were the second highest growth group, rising by 33% over the same period to 433,000 households.

Paragon’s analysis also showed that the number of younger households renting privately fell, with those aged between 16 and 24 falling by 16% over the past decade to 447,000, and those aged between 25 and 34 falling by 9% to 1.45 million.

The Government’s English Housing Survey showed that 4.7 million households rented privately in England in the year to March 2024, which represented 19% of all households in the country.

“The shift in the demographics of tenants over the past decade is clear,” said Paragon managing director of mortgages, Louisa Sedgwick. “There are more older households in the sector than ever before, with over 900,000 households led by a person aged 55 or over and the number of households aged between 55 and 64 hitting its highest-ever level.”

She added: “This has broad implications for the sector and policymakers. Older tenants are more likely to live in a rented home for a longer period, so they want security of tenure, the ability to make minor refurbishments and possibly to keep pets.

“Given the ageing demographic of the UK, we would expect this trend to continue, so landlords need to be mindful of the needs of more mature tenant groups and adapt their approach to suit their needs.”

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