Two new research findings have just been published, one by your Move, the other by TDS.

Your Move research has revealed that almost half of tenants living in private rental accommodation across the UK are aged over 46, signalling the rise of the ‘Silver Renter.’ The research involved 36,500 participants, and was commissioned to provide insights into the 4.5 million privately rented households in the UK – a number which is expected to grow to 6 million over the next few years.

The research found that 18per cent of renters were over the age of 55, with another 22per cent of tenants belonging to the 46-55 age group. Surprisingly, just 39per cent of those in private rental accommodation were under 35.

Of those surveyed, 25per cent of 18 – 25 year olds claimed they were satisfied with renting, with 80per cent wanting to own their own home in the future. These numbers reversed for those aged 55 and above, with almost half (46per cent) stating they were happy with renting and only 19per cent saying they would like to own a house in the future. Across all age groups, 81per cent of tenants said that renting suited their lifestyle – whether that lifestyle choice was on a permanent basis, or just for a few years.

Valerie Bannister, Head of Lettings at Your Move said, “These results show very clearly that renting is becoming extremely important across the UK. The rise of the Silver Renter may seem surprising, but increasingly thousands of people have turned to the Private Rental Sector as the most convenient option available to them, following a change in personal circumstance. Now more than ever, it is important that this sector offers good quality, well managed properties that allow tenants to feel at home in them.

“Many of the younger tenants in our survey have aspirations to own their own home in the future. However, the endemic lack of affordable housing to buy across the UK, coupled with a low savings-rate environment, is making it increasingly difficult for want-to-be homeowners to buy their first home.

“The Private Rental Sector needs to answer this issue by becoming a first choice tenure, and not just the second best option. If the flexibility of renting can be combined with the stability and reassurance of longer residencies, and fewer restrictions around making the space ‘feel like home’, for many, renting would be considered a better long-term, as well as short-term, option.”

Rental prices from TDS research

The latest rental prices data, just issued by the Tenancy Deposit Scheme, shows new rents registered across England and Wales in August 2016, with new average monthly rents in London now sitting at just over £1,765.

Their data also shows that the cheapest region to rent is Wales with average rents for newly let properties in August 2016 coming in at some £664.80. The next cheapest region to rent was the North East where rents averaged out at £652.88.

After London at £1,765.44 the next highest cost region was the South East with the monthly rent coming in at £1,124.22.

In August the highest rents were to be found in the London WC postcode with average rents at £2,272.53. The cheapest postcode to rent in England and Wales in August 2016 was in the Sunderland (SR) postcode where the average rent registered was £462.22.

Steve Harriott, Chief Executive of the Tenancy Deposit Scheme said, “This data comes from landlords and agents registering new deposits on our database in August 2016 and advising us of the monthly rent that they charge. The figures show starkly the differential in regional rents across England and Wales.”