The rental landscape in England and Wales has changed completely over the last 20 years. Today, more than double the share of households privately rent as they did back then. Fifty years on, recent figures indicate that there are nearly 5 million more households currently renting privately. This is a dramatic increase from only 1.9 million in 2001 and 3.9 million in 2011. This is a growing trend and it signifies a major demographic shift in who is renting. This is pushing more older people into joining “Generation Rent”.
While the term “Generation Rent” has recently become their shorthand for young people looking for affordable and sustainable places to live, new information from Canada’s 2021 census shows that this demographic is changing rapidly. The census has shown a huge increase in private rentals over the last 20 years. The number of households renting privately skyrocketed from 1.9 million in 2001 to a staggering 5 million in 2023. This major increase is indicative of larger structural economic and housing market trends that have impacted all age groups.
Here at home, the rental crisis is most acute in London, where over half of all households are now renters. This very high proportion illustrates the increased reliance on the PRS. Now, people of all ages see it as a more attractive housing option. Those 55+ are now ostensibly major demographic groups renting privately in large numbers. This vulnerable demographic on the whole saw a dramatic 70% increase in private rentals between 2010/11 and 2023, according to Shelter. This active trend is evidence that older people are disrupting the housing status quo—again. For one, many are opting for the flexibility and convenience that renting, particularly downsizing, provides.
This rise of older renters is one aspect of a recent push towards privatized housing options throughout England and Wales. Affordability and economic pressures, as well as new lifestyle choices have played a role in this trend. Younger people are feeling it as they face an increasingly tight housing market. Concurrently, older generations are being pulled into the rental market more and more, partially due to family structures shifting or planning for retirement.
This changing rental population begs a critical question. We need big ideas about housing policies and support services that take into account the diverse needs of different renter populations. As the private rented sector expands to accommodate younger renters alongside an increasing number of older individuals, local governments and housing authorities face the challenge of ensuring that adequate resources and protections are in place.