Old stereotypes about tenants are changing fast, thanks to a significant demographic shift in the UK rental market. Increasingly, the so-called ‘typical renter’ is no longer just a young professional or university student. Instead, we’re seeing more tenants aged 55 and over entering or returning to the private rental sector – a trend that has important implications for landlords.
Over the past decade, the number of rental properties headed by someone aged between 55 and 64 has increased by 66%. For those aged 65 and over, the rise was 33%. In total, more than 867,000 households are now headed by over-55s living in privately rented accommodation. This demographic shift in the rental market is expected to continue, driven by an ageing population and persistently high property prices.
What’s Driving the Change?
There are several reasons for this growing number of older tenants in private rentals. Some individuals return to the sector after a change in personal circumstances, such as divorce or separation. Others have rented their entire lives and, due to soaring house prices and lower homeownership rates, may never buy.
Even for those with savings and a stable income, buying later in life can be out of reach. Mortgage providers are often reluctant to lend to those over 50, or only offer short repayment terms, making borrowing unfeasible. As a result, renting in later life is no longer a last resort – for many, it’s the most practical option.
Why This Demographic Shift Matters to Landlords
Older tenants – provided they meet the usual reference and credit checks – can be an excellent choice for landlords. Understanding this demographic shift opens up opportunities to build long-term, mutually beneficial tenancies.
Lower Turnover and Longer Tenancies
Older renters tend to stay put once settled. This means fewer void periods, lower marketing and tenant-find costs, and more consistent income. According to data, 23% of tenants aged over 45 have remained in the same rental for more than ten years, while 22% have been in the same property for five to ten years. Long-term renters also tend to treat homes with care, leading to less wear and tear and fewer maintenance issues.
Meeting the Needs of Older Tenants
Despite the growth in this age group, many feel the rental sector isn’t doing enough to cater to them. Propertymark recently called for a national strategy to better support older tenants in both the public and private sectors, citing energy efficiency in rental properties and accessibility for older renters as key areas for improvement.
Here are some ways landlords can adapt to meet the needs of this growing group of renters:
1. Flexibility Around the Home
Tenants looking to stay for five, ten, or even 20 years may want to personalise their space. Offering flexibility on decorating, adding handrails, or planting in the garden can make your rental more appealing.
2. Pet-Friendly Policies
Many older tenants live alone and pets often provide vital companionship. With 36% of dog owners aged over 55, allowing pets could be the deciding factor for many applicants.
3. Focus on Energy Efficiency
Older people typically spend more time at home, so energy costs are a key concern. Features like double glazing, solar panels, or modern boilers can make a property more attractive while reducing bills. Highlight these in your property marketing to appeal to energy-conscious tenants.
4. Accessibility Considerations
Promote any features that make life easier for older tenants, such as step-free access, walk-in showers, wide doorways, or off-street parking. These are especially relevant for those with mobility concerns.
5. Reliable Maintenance
Older tenants value responsive landlords. In surveys, renters aged 45 and over often cited not having to deal with repairs as a major benefit of renting. However, they also expect landlords to act promptly when issues do arise.
Final Thoughts
The growing presence of older renters represents a fundamental demographic shift in the UK housing landscape. For landlords, this change presents an opportunity – but only if you understand the needs and preferences of this group.
From improving accessibility to enhancing energy-efficient rental features, adapting your property could help you attract responsible, long-term tenants. If you’re considering how to adjust your letting strategy to reflect this demographic change, we can help.
For tailored advice on letting or managing your property in today’s evolving market, contact us.
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