The number of renters with an assured tenancy in the over-65 age group has grown 93 per cent in the last 9 years, statistics from Paragon Bank show.

The lender says that there were 249,000 in this cohort in 2019 compared to 129,000 in 2010.

As well as this, the number in the 55 to 64 age group has grown 118 per cent in the same time span – from 150,000 to 327,000.

For comparison, the number in the 35 to 44-year-old age group grew 66 per cent – 569,000 in 2010 and 943,000 at last count.

Paragon expects these numbers to grow, too. It says that by 2043, the over-55 group will have risen from making up 30 per cent of the population to 36 per cent, or 26 million people.

Additionally, the Office for National Statistics believes that by 2038, the number of households will have risen by over 3 million to a total of 26.3 million, with, Paragon reports, “people in the 55 plus age bracket driving that growth.”

Paragon asked older renters the reasons for their living situation. It found that 39 per cent said they didn’t have a mortgage deposit, 22 per cent said they didn’t want the responsibility of homeownership, 16 per cent that doing so meant they could live in a nicer area than they could do otherwise and 15 per cent that it gave them flexibility.

Of those aged 55 and over, just 45 per cent say they want to own their own home compared to 81 per cent of those under 55 years old.

Paragon managing director Richard Rowntree says: “There are a number of factors that may have contributed to the increase in over-55s in the PRS over the past 10 years, such as rising divorce amongst older people, poorer pension returns and men living longer.

“Landlords are already reacting to the changing demographics of the PRS and, with older tenants becoming more commonplace, will have to increasingly do so.

“Landlords will need to consider longer tenancy agreements, the location of their property and any adjustments the property may need for later life tenants.”