Who is your typical renter today?23 Nov 2016
You may be surprised to hear that the number of older renters – those over 60 – have been on the increase for the last few years and all predictions are set to see this number soar. In the last 4 years the number of renters over the age of 65 has increased by 200,000 and whilst at present this category only account for 1 in 10 – predictions estimate it may be over a 3rd by 2040.
So why is this?
Many older people have visualised their home as their pension so have sold and cashed in their house and are now in good rental accommodation. There is the ever increasing divorce section of the market and when once each party would have bought (or at least one) now with high property prices, this is sometimes just too expensive.
There is also those older renters that are room sharing, and those that are appearing now that decided a while ago that they were going to be “lifelong renters”.
Whichever way you look at this, this is an increasing market share and needs catered for and for landlords can make great tenants, looking for real long term tenancies and taking great care of the property.