More Older People Are Living In Rented Accommodation

More Older People Are Living In Rented Accommodation

According to recent statistics, the number of people over 55 who live in private rented accommodation has increased by 110 percent. Landlords and real estate professionals should welcome the increasing number of seniors renting privately, as this demographic group often provides more stable income through longer tenancies.

Renters over the age of 65 make up a growing portion of the privately rented population, and the number of individuals who have privately rented accommodation for ten years or more has increased by 115 percent since 2002. Both tenants and landlords value long-term stability in their rental agreements.

Tenants By Age Group

Changes in occupancy rate have been found to be highly age-dependent. The number of private rental accommodation by tenants under the age of 35 has decreased, while the number of private rentals by tenants above the age of 35 has increased. More young people are staying at home for longer periods of time, which has led to a 3.7 percent decrease in the rental market for persons aged 16-24.

The 25-34 age group boosted their private rental presence to 6 percent, which is likely related to the inaccessibility of property ownership for millennials.

Over the past decade, the population of people aged 65 and up who are renting private residences has increased by 38 percent. There was a 50 percent increase in the age bracket between 45 and 65.

Number of individuals over 35 living in private rentals has risen to 2.5 million, up from 1.9 million in the younger age groups.

What The Government Says

The private sector, according to official data, has increased by a factor of 10 over the past decade. There are presently more than 11 million people living in its 4.4 million dwellings. There are 17 percent renters and 65 percent owners in this group, making up 19 percent of all households.

Those between the ages of 25 and 34 continue to make up the largest demographic of renters. The amount of retirees, at 8.6 percent, is relatively low compared to other demographics. However, this share has grown by 38 percent in the past decade.

The data also shows that private renters pay a much larger share of their income on housing than either owner-occupants or social renters. Many people who live in private rentals receive housing assistance in addition to their regular income.

The average renter now lives in their house for 4.9 years, but that number is on the rise as more and more seniors choose to live in private rentals.

What About The Rental Sector?

Renters of all ages have been hoping for more secure tenancies, which would also be great for landlords in a big way. Most of the time, landlords have to pay a lot to get a new tenant, and the time between tenants can be bad for them. Renters who are older and less likely to move out can be very good for the real estate business.

Older tenants are more likely to pay their rent securely, regularly, and on time, which is a huge benefit for both letting agents and landlords. Statistics show that they are also less likely to damage your property.

What kind of renters you get depends on what kind of property you’re renting out. Older tenants are more likely to need more space for their families to visit, while young professionals are more likely to rent newer apartments in the city centre.

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