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Older tenants are becoming a growing market that buy to let property investors should not ignore, according to agent and tenant service provider Tenant Shop.
Renting has now become the choice of tenure for a wider cross-section of the population, rather than just for young professionals saving for their first home. but also older tenants renting for various lifestyle reasons, or simply the flexibility that renting can bring.
According to the most recent English Housing Survey (EHS), the proportion of private renters aged 55-64 was 9 per cent in 2017-18, up from 5 per cent ten years previously.
Meanwhile, the previous year’s EHS documented a 1.8 million rise in the number of family tenants over a decade.
Various other studies and research in recent years have also revealed an increase in the number of middle-aged renters, with or without children, as well as older.
What Older Tenants Require
Older tenants or middle-aged renters will be looking to work with agents and landlords who provide a reliable and comprehensive customer service.
As well as being able to use efficient and easily navigable online communications processes, they’ll also be keen to meet in person or speak on the phone when necessary.
Glenn Seddington, managing director of Tenant Shop, commented: ‘Older tenants may also be looking for insurance products to protect their most valuable belongings and their families, and an alternative way to access the utilities market.’
He continued: ‘More people from all demographics are choosing to live in the PRS for the long-term. This is due to a number of reasons, including the flexibility and affordability it offers.
‘This development has provided agents and landlords with the chance to work with new age groups and those that cater to older tenants and family renters within their service offering can reap the benefits.’