The number of retired renters is, surprisingly, on the rise. If you’re a landlord who is currently putting the finishing touches to a property and is about to list it via an online property agent, then why not have a look into the background behind the rise of renters over 65 and why they can often make for fabulous tenants.
The rise in later-life divorce is one of the prime factors behind the increase in retired renters. Older people are now less inclined to simply stay put in marriages and relationships which don’t bring them joy. The gradual diminishment of pensions is another important factor to consider, especially when combined with a growing life expectancy. This does tend to make the idea of home ownership very difficult for people who are not working, and a pension certainly won’t allow for someone to buy a home – not to mention the need for a large initial deposit.
There is also a notable shortfall in beds within the care home sector, and many retirees are forced to rent within the private sector.
However, it’s important to note that the picture is not altogether bleak. Renting can also allow individuals to live in homes which they couldn’t ordinarily afford to buy, as well as afford them the peace of mind that any repairs which need to be undertaken fall under the duty of the landlord, and not themselves whilst adding an important degree of flexibility to their lives which home ownership or a mortgage cannot.
Regarding landlords, there exist many profound benefits when it comes to renters, and many in the private sector would do well to consider angling towards them as prospective tenants. Older tenants are much more likely to want to stay in a place long term, compared to a twenty or thirty-somethings who’ll go where the wind blows or where their employment chances are high. Older renters are also much likelier to take care of a property and not throw drunken parties three times a week. If the tenant is paying for their accommodation with their pension, this might also mean that you as a landlord can expect a steady income which won’t be affected by things like redundancy.
If you’re keen to encourage older tenants, these are few things which will make a property more desirable:
- A single storey property for those with mobility issues.
- Walk in showers or wet rooms
- Small gardens without steps
- One bedroom properties are often desirable, with older tenants usually choosing to live alone.
- A close proximity to amenities such as transport and easy shopping links.
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