According to recent statistics, close to half the country’s renting population are over 46. This runs contrary to the opinion that renting is only popular with younger people – and shows that the market is dominated by older tenants, who may be seeking accommodation of a somewhat different kind.
Why is This Happening?
There are a few theories as to why so many people over the age of 46 choose to rent rather than buy property. The main factor seems to be the high rate of divorce – after a break-up, many people prefer the reduced commitment that a rented house or apartment can offer. Additionally, for some, affordability may be an issue, and renting a property frees up cash to spend on other things.
A Property Investment Opportunity?
Clever UK property investors are recognising the appeal of renting to older tenants, and are acting accordingly. The main benefits are:
- Longer-term contracts. Older renters tend to want a place they can call a home, and they’re actively seeking long-term rental contracts, which let them settle in one location.
- Reliable payment. Generally speaking, the more mature the tenant, the better their reliability. Of course, there are always exceptions to the rule (and it’s still important to vet your tenants carefully), but often, older tenants are more likely to pay on time.
- Respectful of your property. Tenants over the age of 45 want to make their rented accommodation as homely as possible, so it’s likely they’ll put in extra effort to keep the place well maintained.
How to Appeal to the Silver Renter
- A higher standard of accommodation. If you want to appeal to this higher paying demographic, you’ll need to offer something a little more special. Don’t skimp when it comes to décor, fittings or fixtures – a mature tenant will be specifically searching for a property that is aesthetically attractive.
- Great location. Older tenants may have different priorities to their younger counterparts. If they’re retired, transport links might not be such a high priority – but they may still want to be close to amenities / the town centre. Consider seafront or countryside locations – these are often very popular with older renters.
- Good living space. When viewing buy-to-let properties for sale, search for houses or apartments that offer good-sized living space – as this is frequently a top priority for older tenants. Likewise, they’ll be drawn to accommodation with some form of outdoor area, even if it is only a balcony in the city.
Property Investment Agents in London
If you’d like to develop a property portfolio, but you’re not sure where to start searching for buy-to-let property for sale, talk to The Buy2Let Shop today. We’re a team of professional property investment agents, with a range of properties on our books that aren’t available to the general public – and which are all competitively priced to sell.
To find out more about our exclusive services, which also include help with buying a house at auction, visit The Buy2Let Shop website today.