A recent study by Paragon Bank suggests more than half of private rental stock will be helmed by someone aged 45 years or older. It is not as if people consider 45 to be old in life, far from it but in terms of the traditional rental market, it is.
This indicates how much the rental market has changed in recent years. There are so many households renting these days, and people of all walks of life, and ages, are renting.
The Centre for Ageing Better highlights the change in the demographics of the country. Right now, there is close to 11 million people aged at least 65 years old. This represents 19% of the population. By 2033, there will be close to 13m people aged 65 or older, and this represents 22% of the population.
The rental market will change a lot in the next ten years
This signifies a huge change, and it will impact the rental market. If you are a landlord with long-term aims and ambitions in the rental market, you must prepare yourself for what comes next.
Jamie Turnbull, business director at My Future Living said; “Renting is a popular choice for older people, especially homeowners who want to downsize after retiring. Renting in a retirement community offers several benefits including the chance to free up capital in a home and move to a smaller property where they don’t have to worry about maintenance, as this is included in the monthly rent. Being part of a sociable community is a big attraction too, plus developments are usually located in convenient locations for shops, transport and health facilities. The majority of retirement rental properties are available on assured ‘lifetime’ tenancies, which give the same security of tenure as homeownership. This means renting can be a viable option, especially for those who have never rented.”
If you are a landlord looking to let to older people there is an opportunity for you. All landlords should have key tenants in mind, as this helps you find the ideal property, and tailor your services.
From our experience here at Regal Estates we have found that older tenants generally offer a longer period of rental depending on their circumstances.
We help you make informed decisions in local rental market
At Regal Estates, we are more than happy to work closely with landlords, helping them make informed decisions about the rental market.
One of the best things about the North West London rental market is that it is suitable for everyone.
The local facilities make life easy here, and this goes for people of all ages. A lot of people entering their golden years find the North West of London appealing, and we think Willesden is a brilliant option for so many reasons.
So, if this style of tenant interests you, we can help you connect with them. Contact us today to learn about our property management services.
Contact Regal Estates for all of your lettings market needs
If you are interested in our lettings or property management services or you are looking to buy, sell, let or rent property in or around Willesden, Neasden, Dollis Hill and NW London call us on 020 8459 2530 and a member of our estate and letting agent team will be happy to help.