Surge In Over 60s Tenants

News at Household | 04/02/2020

As a landlord, it is essential you know who your tenants are, as this will help you reach them in the most effective manner. It is crucial to present your rental property effectively, and in 2020, landlords should be aware of the increase in tenants who are aged 60 years or older.

A new study suggests many people and couples over 60 are opting to rent rather than buy. This study has been carried out by the tenant deposit replacement scheme Ome, so they have a vested interest in the study, but it is interesting information.

With people living for longer, and in healthier condition, it is important you don’t consider this market as elderly and needing support. There is a growth in people of this age group who are keen to maximise their fun and enjoyment in life. If these couples or individuals now no longer have responsibility for their children, they have a greater sense of freedom than they have enjoyed for decades.

Over 60s are leading an active social life

Therefore, many tenants in this category are looking for town or city centre property which places them in the heart of the action. This group isn’t looking for retirement home facilities, they want options that allow to enjoy an active and busy social life.

Matthew Hooker is the co-founder of Ome, and he said; “There are many tenants who are financially able to opt for the traditional deposit path when renting and for many it is a more preferable route, allowing them to pay there and then without any ongoing commitment or costs. That said, as our research demonstrates, it can provide a tricky obstacle and while it might not be such as issue in the long-term, it poses a cash flow problem for those required to stump up as much as a month’s wages in one hit.”

He continued by saying; “Of course, those in the youngest age groups tend to be on the lowest wages and as a result, have to pay out more of their monthly wage on a deposit, but more often than not they have a support network of family that can help them start out on their rental journey and contribute to some of the costs. However, this isn’t always the case for those 60 and above who may be on a lower wage and don’t have the option to borrow from friends or family and addressing this issue.”

If you plan on letting property, we can arrange a valuation for you. At Household, we aim to connect you with likely tenants, and we can help you find the most suitable tenants. When it comes to being a successful landlord in Toddington and Dunstable, we are your local agents, so contact us today.

Alternatively, if you are a tenant looking to explore your options, we can assist you. We can help you review whether letting or intending to buy is better for you, and we look forward to assisting you any we can, so please get in touch.