What will the UK’s private rental sector look like ten years from now?
A recent report examined how the private rental sector might develop in the years to come.
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The findings, based on a survey of 1,376 adults in rented accommodation, offer some interesting food for thought, for landlords who might be thinking about future-proofing their investments.
One of the key insights from the report is that the private rented sector needs to adapt to an increasingly mature tenant population, with the age of tenants set to increase over the coming years. The report predicts: “The typical renter of the future will look different from today’s. We need to revisit our preconceptions about renting being the preserve of young, mobile households. Mature tenants have different needs and preferences.” *
Over a third of households in the private rented sector currently accommodate somebody aged 45 or over. The report shows that three in five tenants aged between 35 and 54, expect to be renting privately in 15 years’ time. By 2035, it is predicted that this demographic will make up at least half of rented households.
For landlords, this means considering the priorities of more mature tenants. Longer tenancy agreements and unfurnished homes are typically preferred by mature renters, who will often opt for a ground-floor property near to local transport links and basic amenities, such as shops and health services. Established tenants are also more likely to look for pet-friendly accommodation and the freedom to make basic cosmetic changes, such as redecorating.
If you are thinking of letting your property, contact us for a no-obligation valuation.
*Social Market Foundation
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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