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Boom in over-50s taking in lodgers

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Boom in over-50s taking in lodgers

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Published by Max Salsbury for 24dash.com in Housing

Westminster negotiates lower private rents on former council flats Westminster negotiates lower private rents on former council flats

The number of 55-64 year olds taking in lodgers has soared by 93% in just two years, research has revealed.

And UK retirees could earn £128,639, and Londoners £176,341 by renting out just one spare bedroom in their retirement years.

According to house share website Spareroom.co.uk's research, the number of over-50s taking in lodgers and becoming ‘live-in landlords’ has risen by 41% in a two-year period.

Matt Hutchinson, director of SpareRoom.co.uk, says: “Retiring from your career doesn’t mean you have to stop making money. Monetising existing assets – such as renting out an otherwise under-used room – has no long-term liability for the estate, unlike equity release.

"Plus, it brings in more than four times the income of the average paltry UK pension pot. So there’s no reason why retirees shouldn’t find their entrepreneurial streak after bowing out of the workforce.

“There’s far less stigma around taking in lodgers amongst the older generation, many of whom grew up in the post-war years when lodging was widespread. Many retirees find they get as much satisfaction out of the companionship of taking in lodgers as they do from the income."

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