As a landlord you usually have an idea of the type of tenant you are aiming for with your properties. Different properties and areas will attract different segments of the rental market – whether it is students, young professionals, or families. But have you considered the older generations of renters? Their numbers are growing, and a great percentage of them do not wish to get on the property ladder.
New research has shown that nearly half of renters are now aged over 46. What’s more, many of these renters are happy to remain in a rented home, and have no plans to buy a property. This is good news for landlords, creating a new target market of tenants that are looking for long-term rental contracts.
Your Move, who commissioned the research, says that around 18% of the UK’s 4.5 million private renters are aged over 55, while a further 22% are aged between 46 to 55. Of the over 55s, 46% were happy to stay in a rented home, and were not looking to buy a property. Only 19% of that age group want to get on the property ladder.
The study also predicts that the number of private renters will jump from 4.5 million to 6 million over the coming few years.
The rise in older tenants is said to be because of more people divorcing later in life. This, combined with high house prices, means that separate couples are not able to both buy their own homes after selling the family home. When they approach the rental market, they are looking for properties that are family orientated, secure and well-managed.
"The rise of the Silver Renter may seem surprising, but increasingly thousands of people have turned to the Private Rental Sector as the most convenient option available to them, following a change in personal circumstance," says Valerie Bannister, head of lettings at Your Move.
"Now more than ever, it is important that this sector offers good quality, well managed properties that allow tenants to feel at home in them."
To find out more about rental properties that suit silver renters, contact us today