A doubling of the number of renters over the age of 65 since 2011 has left many people financially exposed against a backdrop of soaring rents in Ireland, an insurer has warned.
Published on Monday, new data from Royal London Ireland reveals a steep increase over the past decade in the number of people in their 40s, 50s and early 60s who are paying rent, as home ownership rates among people in the younger cohorts have collapsed.
The age profile of renters has shifted drastically since 2011, with the number of renters aged between 50 and 54 increasing 71 per cent to 23,154, according to Census data.
However, the population of renters over the age of 60 has seen the sharpest increase over the period.
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Some 11,123 people aged between 60 and 64 were paying rent in 2022, up by 104 per cent.
Some 16,986 people aged 65 and above, meanwhile, were renters, according to the 2022 Census, a 100 per cent increase.
Royal London Ireland said the later age profile of renters means more people are starting or already having families while renting today, “and many are doing so without the kinds of financial protections that would be put in place if they were buying a home”.
With national average monthly rents for a two-bedroom apartment surging to €2,080 recently, two-thirds above the Celtic Tiger peak, rents are a “considerable financial burden” for households, the insurer said.
“Home ownership used to occur much earlier in life, but rising house prices and a chronic housing shortage mean many now rent well into their 30s and beyond,” said Barry McCutcheon, protection proposition lead at Royal London Ireland.
“This shift has significant financial implications. Unlike homeowners, renters lack built-in protections and face greater insecurity if their landlord decides to sell, increasing their vulnerability.”
Life insurance is a requirement when homebuyers get a mortgage, meaning families are “protected if the breadwinner dies”, Mr McCutcheon said.
“Renters may not have the same safety net, leaving their families financially exposed if the worst were to happen. Renters also have little if any security of tenure if their landlord decides to sell, and this adds to their financial vulnerability.”
Mr McCutcheon urged renters to take steps to mitigate this vulnerability, such as starting an emergency fund and making sure adequate cover is in place in the event of illness or death.
