Over 65s are renting out rooms in their homes to make ends meet, according to new research from MORE TH>N Insurance.
According to the report, some 1 in 7 (15%) pensioners are considering renting out rooms to meet increased living costs, despite over half (51%) saying that they don’t fully understand the responsibilities of a landlord, or the type of insurance they would need.
Nearly half of retirees (47%) say that they’re struggling to live off their pension, sparking a new trend of over 65s using their home to bring in extra income - by becoming “granlords”. As may be expected, this is most prevalent in London - 20% of over 65s in the capital feel that they have no choice but to rent out a room in their home.
Like many, pensioners are struggling to meet the rising cost of living, with some having saved all their lives only to find that inflation has eroded the value of their nest egg. On average, the over 65s polled received a weekly retirement income of £224. When living costs are deducted, this leaves pensioners with just £33 in disposable income.
Matthew Poll of MORE TH>N Insurance commented on the findings:
“After years of working, being forced to become a landlord after retiring is far from an ideal situation but it’s clear that many people are considering this to provide additional financial support. For those looking to bring in a lodger, it’s important that they make sure they choose the right person but it’s also vital that they have the right cover and I’d urge anyone considering this to contact their insurer.”