Buy-to-let landlords could benefit financially by catering their offerings towards the growing older renter and family tenant demographics, according to the Tenant Shop.
Various studies and research show that renting is now the choice of tenure for a wider cross-section of the population, rather than just for young professionals saving to buy their first property.
Hamptons International recently reported that the number of older renters has risen by 61% since 2012, with around a third of these being retirees.
Hamptons International says that many retirees are choosing to swap homeownership to beat high levels of stamp duty, free up cash to help family members onto the property ladder and turn their home into a source of income.
Hamptons International’s findings are supported by the most recent English Housing Survey (EHS), the proportion of private renters aged 55-64 was 9% in 2017-18, up from 5% ten years previously.
Meanwhile, the previous year's EHS documented a 1.8 million rise in the number of family tenants over a decade.
Glenn Seddington, managing director of Tenant Shop, said: "More people from all demographics are choosing to live in the PRS for the long-term. This is due to a number of reasons, including the flexibility and affordability it offers.
"This development has provided agents and landlords with the chance to work with new age groups and those that cater to older tenants and family renters within their service offering can reap the benefits.”
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