Easyroommate.co.uk’s research found that the number of retirees looking for short-term flat-share accommodation has increased by over a third (34%) in the past 18 months.
Over this period the average desired rental term specified by retirees hoping to flatshare has fallen from over 6-months to just over 4-months.
This drop in the average length of stay combined with the rise in the number of retired renters suggests more retirees are using flatsharing as a cost-effective stop-gap during the downsizing process, according to easyroommate.co.uk.
Jonathan Moore, director of easyroommate.co.uk, said: “The finances of those about to retire and those in the early stages of retirement have taken a serious knock over the last few years.
“Many of these retirees have equity locked in their homes which they need to access to boost their retirement income.
“With the sales market in such a sorry state, downsizing is not a straightforward process and many find themselves needing to find short-term accommodation between selling their properties and finding a new home.”
Easyroommate.co.uk’s research shows 3.2m homeowners intend to downsize in order to help fund their retirement and many of these will need short-term accommodation if they have sold their home but have been unable to a find suitable downsize property to purchase.