Retirees in Britain spent a record £3.7bn on rental payments over the past 12 months, Countrywide’s Monthly Letting Index reveals.
This figure is up 216% from the £1.2bn retirees paid in 2007, and the increase means that £1 in every £14 paid by tenants in Britain comes from a pensioner.
Johnny Morris, research director at Countrywide, said: “The rental market can no longer be typified by the image of carefree, young professionals.
“With younger generations growing up much less likely to be homeowners, tenants are getting older with an ever more diverse group of people calling the rented sector home.”
In 2017 pensioners paid an average of £810 a month, which is a year-on-year increase of 0.3%.
Yet the average retiree paid 12% less than the typical tenant because they were more likely to rent a smaller home.
Retired people now account for 8% of tenants, with the largest proportion being in Wales where nearly one in five rent payers are retired.
These figures come as figures suggest rental growth has slowed, with a mere 0.1% increase in rental costs between May 2016 and 2017.
Morris added: “Seven consecutive months of falling rents in the capital are starting to show signs of rippling out across the country with rents down in over half of regions outside London.
“The number of homes on the market remains well up on last years’ levels, softening rental growth.”