The Rise of the Silver Splitter 1st Jul 2017
As divorce rates amongst older couples soar across the UK, the knock on effect is being felt in the Private Rented Sector (PRS), with a record increase in pensioner bachelor pads. A few months ago I wrote about the rise of the silver renter, now we have the rise of the ‘silver splitter`. Official data shows divorce rates amongst the 60+ age group have been rising since the 1990’s.
Retired people now account for 8.0% of all tenants, compared with 5.2% in 2007. According to recent research (Countrywide), 1 in every 12 tenants is a pensioner. The research reveals that approximately £1 in every £14 paid by tenants across Britain now comes from a pensioner’s wallet. 53% of pensioners live alone and 81% are over the age of 65, meaning the number of pensioners renting are at record levels.
Almost half of tenants are over 46 years of age, and the number of pensioners renting is at record levels. These figures confirm 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 average retiree pays £810 per month in rent, lower than the typical tenant as they are choosing smaller properties. 75% choose a 1 or 2 bedroom property, compared with 66% of all tenants. The Countrywide report states that in the last year, the retired group have paid a total of £3.7bn in rent, up 216% from the £1.2bn they paid in 2007. The total amount of rent paid by private tenants in Great Britain over the last 12 months stood at £50.6bn.
The appeal of renting is wide, and clearly has implications for landlords as it is now more important than ever to offer high quality accommodation for tenants. A diverse range of 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.