Homes headed by somebody aged of 45 will account for at least half of all privately renting households by 2035, analysis conducted on behalf of Paragon Bank has found.

A report by the Social Market Foundation (SMF), Where next for the private rented sector? found that 35 per cent of households currently private renting are headed by somebody aged 45 or over.

This will rise to half of households by 2035 according to the SMF’s projections, bringing the total number of 45-plus households to 2.7m.

SMF modelled its projections on housing market trends experienced between 2009 and 2019. And it forecasts that the proportion of households privately renting will increase from 20 per cent to 22 per cent by 2035.

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

‘The SMF tenant 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’.