Rise of the Silver Renter 1st Oct 2016
Recent research by Your Move has revealed the seismic shift in the average age of tenants compared to years gone by. Almost half of tenants in the Private Rented Sector (PRS) are now over 46 years of age, confirming renting is no longer just for the transient younger generation. Currently over 4.5 million people rent within the PRS in the UK, and this is expected to grow to 6 million over the next few years.
The study found that 18% of those surveyed (36,500 people) were over 55, with 22% falling into the 46-55 age group. Only 39% were under 35.
Those aged 55 and above were largely happy with renting (46%), and only 19% said they would like to become home owners in the future. However 80% of 18-25 year olds want to become home owners, and only 25% were happy staying as renters. Across all these age groups 81% said renting suited their lifestyle at that point in time.
The economic crisis of 2008 turned some people off home ownership, and combined with the difficulty faced in trying to get a mortgage for both young and old, many turned to renting. Although the younger age group in the survey largely aspire to own their home, the chronic lack of affordable housing means they will remain within the PRS for some time to come.
The appeal of renting is wide. The empty nesters have enjoyed the benefit of trading a mortgage for a lease, partly because of the flexibility renting offers, but also because renting gets rid of the responsibilities and expenses that come with ownership.
All of this clearly has implications for landlords as it is now more important than ever to offer high quality accommodation for tenants. Renters are looking for the stability of longer lets, along with fewer restrictions on making their rented property feel like their home.
Landlords need to bear in mind that tenants are looking for the following in their rental property:
• A high quality home that is comfortable and clean.
• A well-presented home – both internally and externally.
• Modern furnishings, fixtures and fittings.
• Flexibility in décor with the option of decorating themselves in agreement with the landlord.
• Good quality kitchens and bathrooms.
• Good heating and draught free windows.
• A home that is economical to run.
• A safe and secure property.
• Good off / on street parking.
• The security of a long term (if they choose) let.
• A reliable landlord / letting agent who provides full guidance on all tenancy issues and is responsive to repairs.
• A home.
The Key Place can deal with every aspect of letting a property for you. Please contact us now for further information.