We explore what the rising rate of older renters
means for Kent landlords. A two-minute read.

Landlords
looking to secure reliable, long-term tenants shouldn’t overlook a growing
demographic in the rental sector – the older renter.

Recent
statistics* show that the proportion of people aged 45 to 54 who rent is 16% (up
5% in ten years). During the same period, the proportion of renters aged 55 to
64 rose by 5% to 11%.

The
benefits of older tenants

There’s
no substitute for rigorous credit and reference checks when it comes to tenant
selection. But it’s worth bearing in mind the lifestyle and experiences of
older renters.

Stability– An
older tenant is less likely to chop and change jobs or pack it all in to go
‘find themselves’ in the Far East. Once they settle, older tenants tend to stay
put (meaning less tenant turnover for landlords).

Lifestyle –
You can anticipate fewer run-ins with neighbours about boisterous parties or
loud music with older tenants. They’ll probably prefer binge-watching a Netflix
series to bingeing on booze or illegal substances.

Wear
and tear – The more settled lifestyle of an older
tenant is good news for landlords hoping to minimise damage to their property.

How
to attract older tenants to your property

Maintenance
and upkeep – Expect older tenants to be less forgiving
about broken fixtures and shabby furniture. More mature renters are looking for
a home rather than a crash pad.

Responsive
landlord – Many older tenants are seasoned renters who
have dealt with their fair share of absent/disreputable landlords in the past. They’re
looking for a landlord who doesn’t cut corners and responds promptly when
problems arise.

Green
modifications – Sustainable features such as double or
triple glazing, smart meters and solar panels will impress older tenants who
are watching their pennies and keen to save on energy bills.

Pet
friendly – If their children have flown the nest, an
older tenant may be eager to have a furry companion. Allowing pets at your
property could be a real attraction, and will signal to a new tenant that you
want them to feel at home in your property.

For help with tenant sourcing and reference checks,
get in touch with us here at CWB
Property.

*Office
of National Statistics, 2021