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The number of people renting into retirement is set to soar by 2032, according to research...
However, according to research from pensions and investment company Scottish Widows, renters who are approaching retirement are not saving enough to cover rental costs when they retire.
Furthermore, around 67% of 50 to 64-year olds who plan to rent in retirement have no plans to boost their pension in a bid to cover the rising costs of renting.
Generation Rent is usually associated with millennials, but the number of families and retirees who rent is on the rise. For landlords and potential landlords, this means high demand for rental properties will likely continue.
Retirement Expert at Scottish Widows, Robert Cochran, said: "Whilst some people may choose to rent later in life, we also need to ensure it’s a more sustainable, secure option for an ageing population".
He continued: "We’re therefore urging the government to consider ways to refine the housing market to better suit older renters – through options such as open-ended tenancy, with predictable rents and protection."
A feature of the Autumn Budget 2017 was the announcement that the government will consult on ways to encourage landlords to offer longer, more secure tenancies. Longer tenancies will benefit both landlords and renters. And with more people set to rent into retirement, such measures will prove necessary.
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