There is a common misconception amongst Colchester landlords that only people who are unable to afford to purchase a property choose to rent a home. Many people believe that if properties were more affordable, the majority of tenants would buy their own home and leave the rental market in droves.
However, that isn’t the case. A recent report shows that many people who rent property today are doing so by choice, and surprisingly, many of those people are older than the expected demographic.
Busting The Myth That Only Young People Rent Property
For a long time, there has been a belief that most private tenants are young. Yet, according to recent figures, only 43% of the UK’s 4.6 million private rental households are between the ages of 16 and 34. With this in mind, it is becoming clear that the private rental sector needs to cater for all types of tenants, especially those who are older.
Older Tenants Are On the Rise
As a Colchester landlord who plans to keep renting out your property in the long term, or as a prospective buy-to-let purchaser, it’s important to note the proportion and number of older adults living in privately rented homes is on the rise.
In the past ten years, there has been a 20% growth in the private rental sector. The number of households has increased from 3.8 million in 2011/2012 to 4.6 million households in 2021/2022. In the same period, the proportion of young renters aged between 16 and 34 has increased by just 4%.
During that decade, the number of households aged 45-64 has grown by 56%, equating to an extra 782,000 households within that bracket. As for households aged 65 and over, the numbers have increased by 30%, or by over 90,000.
The Availability Of Homes For Older Tenants
One issue today’s property market faces is the lack of appropriate family properties for those ready to progress up the property ladder. About 2.5 million properties owned by people aged 65 and over are currently under-occupied. That stock isn’t listed on the market, even though around 3 million older people are considering downsizing. One of the reasons they give for not downsizing is the lack of suitable properties for them to move to.
This opens up some attractive opportunities for landlords in the private rental sector. They can help free up family-sized properties by offering a more significant proportion of rental accommodation to meet older people’s needs.
If you’re a landlord in Colchester who is interested in marketing your rental property to older tenants, get in touch with our team at Home Sales & Lettings today. As experts in the Colchester property market, we can help you find the perfect tenants for your home and make managing your property convenient, simple, and hassle-free.
Call us on 01206 862288 to learn more.