Recent Government data indicates a significant rise in households aged between 45 and 64 entering the private rental sector, with a 70% surge over the past decade.
Similarly, those over 65 have shown a 38% increase in joining this sector.
Landlords welcome this trend, as older tenants are perceived as more likely to stay longer, with 65% opting for longer tenancies compared to younger tenants.
This results in greater stability in occupancy and fewer rental vacancies.
Property Expert Julie Ford explores why the rise in older tenants is great for landlords and local communities.
The research already shows that older tenants tend to have more stable lifestyles, with steady incomes and fewer life changes that could prompt frequent moves.
This means they are more likely to remain in a property long term, minimising void periods and providing landlords with a more predictable rental income and reducing the frequency of turnover.
Older tenants are often more responsible and reliable when it comes to paying rent on time and taking care of the property, having the potential to be more hands on with everyday maintenance, as they have a vested interest in maintaining a comfortable living environment for themselves. keeping the property in good condition and the landlord’s cost low.
Older tenants are less likely to engage in loud or disruptive behaviour, contributing to a peaceful living environment for other tenants and neighbours, as well as being more community focused.
Overall, these factors make older tenants appealing to landlords seeking stable, low-maintenance rental arrangements.
To accommodate this demographic shift, a recent study by Paragon reveals that 46% of landlords are open to investing in property modifications to better suit the needs of older tenants.
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