As property investment expert Charles Inness astutely observes - as a landlord in the UK, staying attuned to shifts in the private rented sector (PRS) is crucial for ensuring properties remain competitive and desirable.
One of the most notable changes in recent years is the increasing age of tenants within the PRS. While younger renters have traditionally dominated this market, a growing number of middle-aged and older adults are now choosing or needing to rent. This demographic shift presents both challenges and opportunities for landlords.
According to the Office for National Statistics the UK’s population is ageing projections suggest that by 2072 around 27% of the population will be over the age of 65. By contrast, 50 years ago in 1972 there were around 7.5 million people aged 65 or over, or 13% of the population.
Interestingly so, Scotland’s older population is increasing faster than in other parts of the UK. The country’s overall population is projected to increase from 5.3 million to 5.7 million by 2039 – with an 85% increase in those aged 75+. The country also has poor health and low life expectancy when compared with other economically similar nations, raising unique questions about the future of social care and health policies.
Contributing factors include:
- Affordability pressures: many individuals in their 30s, 40s, and beyond face challenges saving for a deposit to buy a home.
- Lifestyle preferences: some older renters prefer the flexibility of renting, especially if they are downsizing or relocating.
- Longer working lives: with people working into their late 60s and beyond, renting remains a practical option for mobility and convenience.
- Family changes: divorce, separation, or children leaving home can prompt older adults to move into rental properties.
Considering an ageing tenant demographic isn’t just about landlords taking into consideration changes to the market it makes commercial sense. Older renters often bring stability, reliability, and a commitment to maintaining the property. By making strategic adjustments and embracing the needs of this growing demographic, landlords can ensure their properties remain desirable and competitive in a changing market.
By investing in accessibility, comfort, and security, savvy landlords can position their properties as desirable choice for the increasingly important older tenant demographic. The importance of safe, appropriate and comfortable homes for older people cannot be overstated – these elements are fundamental to maintaining health, a sense of community and independence in later life.
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