Rental demand in UK cities from older tenants set to rise
It’s no secret that the number of tenants in the UK’s private rental sector have been growing for the past few years. However, what might be less obvious is that when we talk about tenants, we’re not just talking about one demographic and recent research has pointed this out by finding that there is set to be a rise in the number of older tenants seeking a rental home in UK and European cities over the next few years.
Of course, the age range of PRS tenants in the UK is already diverse. However, that demand from older tenants is also likely to rise, particularly in cities, suggests that some changes may need to be made to:
- The provision of suitable rental properties in cities.
- Amenities on offer at existing city rental homes.
- Terms and conditions of rental contracts for older tenants.
Why more older Britons might consider renting
There are a number of reasons for this expected increase in demand for city rental homes from the older generation. Some are obvious and include house prices rising too far out of many people’s reach. However, that’s far from the only one.
Indeed, one key element of the study’s assessment that more older tenants will live in city rentals, is that growing numbers of baby boomers are beginning to see the value in renting rather than buying a home. Yes, it can make a lot of sense to buy your own home if you’re able, particularly as you will benefit from all the money you pay each month for the mortgage.
However, even though as a tenant it can often feel as though you’re throwing money away by paying someone else’s mortgage off, there are also benefits:
- The landlord has to fix and pay for (in most circumstances) any problem that arises.
- Maintenance and compliance with housing rules and regulations is again down to your landlord and not you, the tenant.
- With an increase in institutional investment into the residential rental sector, many new city apartment blocks and homes that are built are ultra-modern and have everything an older tenant could want, that includes blocks built specifically for older residents.
- The introduction of rent guarantor agencies means that where any financial issues arise, an older tenant may be able to use the services of a digital rent guarantor service to help them secure the city rental home they want.
What older city tenants need
Thinking about older tenants renting city homes it could make sense for some landlords to begin catering for that demographic sooner rather than later. That way, they can be sure your BTL property appeals to a broader range of potential tenants which will help limit any void periods and keep your property profitable.
The following details could be on your wish list as an older tenant that you would like to see in rental properties:
Accessibility – ramps as well as steps, wet rooms instead of traditional bathrooms and ensuring the kitchen is as open plan as possible to allow for mobility aids.
Location – property close to public transport links, come with car parking allocation or close to hospitals and a doctor’s surgery.
Activities – is it part of or near to an apartment block that has shared amenities you could enjoy, or perhaps it’s close to a leisure centre or park where suitable classes and clubs are held.
As a prospective tenant it’s important to ask about these details and others that apply to your needs, to see if there are some landlords who can provide what you need for your city-based rental home.
If you’re someone who is getting older but thinks that renting a home will continue to be the best decision now and in the future, then you may be in luck as more landlords begin to consider just what older tenants want and need – and they begin providing it.