110% increase in renters aged between 55-64
While rising house prices have led many younger people to rent for longer before buying their first home, tenants aged over 35 are the fastest growing group.
*
In the decade between 2011 and 2021, the number of households privately rented to those between 45 and 54 years old increased by 50%, while renters aged 65 plus rose by 38%. However, the biggest hike was seen in those aged between 55 and 64 (110%).
But, what’s driving this changing attitude towards homeownership in the older demographic? While owning property comes with perks such as security, the increasing state pension age and rising bills have encouraged many homeowners to free up equity to enjoy a better standard of living during their golden years.
Those wishing to move into a retirement community, may also benefit from assured tenancies, which partly replace the security of owning a home. This is because as long as these tenants stick to the terms, they can normally stay for life.
Those who’d like to enjoy communal gardens and facilities, without the upkeep, or who can no longer cope with maintaining or running their current property, may also be attracted to this type of lifestyle.
A strong rental sector is good news for landlords. If you’re interested in assessing the value of your rental, or would like it fully managed on your behalf, we can help.
Contact us today to book a lettings valuation, or discuss our property management packages.
*Data from Paragon Bank (England: 2011–22).
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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