‘Surge’ in older tenants

The private rented sector has experienced a surge in middle-aged and older tenants, prompting a need for landlords to ‘adapt and evolve’ to meet their changing needs, according to a recent report[1]. The study found that the number of households with tenants aged between 45 and 64 in the private rented sector had increased by 70% in the last year, while households with tenants aged 65 and over had increased by up to 38%.

“ Almost half of landlords surveyed were willing to make changes to their properties, with 21% willing to invest up to £1,000 and 11% willing to spend up to £3,000.”

MAKING ADJUSTMENTS

While this is positive news for landlords, who have found that older tenants tend to be reliable and respectful, it also means they need to consider making adjustments to their properties to cater to this demographic. The report suggests that the sector needs to target and adapt to smaller homes and be prepared for tenants to make changes to suit their needs as many older renters are more likely to live alone.

DEMOGRAPHIC SHIFT

The study also found that almost half of landlords surveyed were willing to make changes to their properties, with 21% willing to invest up to £1,000 and 11% prepared to spend up to £3,000. With the number of older tenants expected to continue rising, it is important for landlords to meet their specific requirements and respond to this demographic shift.

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Source data: [1] Paragon Bank – Landlords prepared to adapt properties for ‘surge’ in older tenants – 17/01/23.