We explore what the rising rate of older renters means for landlords. A two-minute read.
Landlords looking to secure reliable, long-term tenants shouldn’t overlook a growing demographic in the rental sector – the older renter.
Recent statistics* show that the proportion of people aged 45 to 54 who rent is 16% (up 5% in ten years). During the same period, the proportion of renters aged 55 to 64 rose by 5% to 11%.
The benefits of older tenants
There’s no substitute for rigorous credit and reference checks when it comes to tenant selection. But it’s worth bearing in mind the lifestyle and experiences of older renters.
Stability – An older tenant is less likely to chop and change jobs or pack it all in to go ‘find themselves’ in the Far East. Once they settle, older tenants tend to stay put (meaning less tenant turnover for landlords).
Lifestyle – You can anticipate fewer run-ins with neighbours about boisterous parties or loud music with older tenants. They’ll probably prefer binge-watching a Netflix series to bingeing on booze or illegal substances.
Wear and tear – The more settled lifestyle of an older tenant is good news for landlords hoping to minimise damage to their property.
How to attract older tenants to your property
Maintenance and upkeep – Expect older tenants to be less forgiving about broken fixtures and shabby furniture. More mature renters are looking for a home rather than a crash pad.
Responsive landlord – Many older tenants are seasoned renters who have dealt with their fair share of absent/disreputable landlords in the past. They’re looking for a landlord who doesn’t cut corners and responds promptly when problems arise.
Green modifications – Sustainable features such as double or triple glazing, smart meters and solar panels will impress older tenants who are watching their pennies and keen to save on energy bills.
Pet friendly – If their children have flown the nest, an older tenant may be eager to have a furry companion. Allowing pets at your property could be a real attraction, and will signal to a new tenant that you want them to feel at home in your property.
For help with tenant sourcing and reference checks, get in touch with us here at Nest in Essex.
*Office of National Statistics, 2021