There has also been a 45% increase in the number of renters aged 45-54 over the same period and a 46% increase in renters aged 65 and over.

Meanwhile, the number of renters aged 35-44 climbed by 12% and the number aged 25-34 actually dropped by 4% over the same timeframe.

Home ownership among 55-64 year olds peaked in 2007 and has fallen by around 10% since then.

London led the rise in private renting across the country, due to high house prices and higher mortgage costs.

In the capital 30% of households are renters, which is nearly double the rate seen across the rest of England.

There has also been a shift in the landlord population towards professionals who own multiple properties.

The proportion of landlords owning five or more homes has more than tripled from 5% in 2010 to 18% in 2021. 

These landlords account for almost half of all tenancies.

With around 350,000 buy-to-let fixed-rate mortgages set to mature in the next year, many landlords will be facing a payment shock of around £225 per month, which could trigger further changes.

Growth in rents has been close to record highs in recent months, driven up by strong tenant demand, a limited supply of rental properties and high barriers to home ownership for first-time buyers.

The Mortgage Works director for landlords Damian Thompson says: “Understanding the dynamics of the private rented sector has never been so important. 

“The sector continues to support the lives of millions of people across the UK by providing homes for those who either can’t afford to buy or prefer not to own a home.

“We look forward to understanding the new government’s plans to create a stronger, fairer private rented sector, where legislation works for both landlords and tenants.”