Older households in privately rented homes are set to soar by 2035, according to Paragon Bank.

The buy-to-let specialist predicts that households headed by individuals aged 45+ will account for at least half of privately rented homes by 2035 – up from 35% now.

And it said six in 10 tenants aged between 35 and 54 today expect to be renting in 15 years’ time.

Conversely, the proportion of households in the sector where the head is aged 34 or under will fall from 39% today to 35%. Those in the 35-44 age group will experience the greatest decline, falling from 25% of households today to 15% in 2035.

Richard Rowntree, Paragon Bank managing director of mortgages, said: “The challenge for the private rented sector is how to adapt to accommodate more mature tenants, including where and how they want to live.

“The research shows that more mature tenants want greater security in the form of longer tenancies and control over their property, such as the freedom to make cosmetic changes. They also want to have pets in their homes and these are all things landlords need to consider.”

What older tenants want

Nearly half (48%) of those aged 55 or over said that being close to shops was in their top three priorities, compared to 32% of those aged between 35 and 54.

Good transport facilities (40%), being close to friends and family (36%) and proximity to health services (34%) also scored highly for those aged 55+.