Half of landlords are prepared to make changes to their property to accommodate the needs of older tenants.
Paragon Bank analysis of government data shows that the number of households in the private rental sector aged between 45 and 64 increased by 70 per cent over the past 10 years, with those aged 65 or over increasing by 38 per cent.
Paragon’s research, conducted on behalf of the bank by BVA BDRC, shows that 46 per cent of landlords would be happy to fund property alterations to cater for older tenants. The survey of nearly 800 landlords revealed that the average amount they would invest is £985.
The research showed that 21 per cent of landlords would invest up to £1,000, with 11 per cent investing up to £3,000 to adapt the property. Meanwhile, five per cent would invest £5,000 or more.
Landlords view older tenants as advantageous due to the fact they tend to prefer to have longer tenancies (65 per cent), are more respectful of neighbours and the community (63 per cent) and are reliable (58 per cent).
“The idea that the private rented sector is the tenure of the young is outdated. Over half of tenants today are over the age of 35 and, if current trends continue, the average age of tenants living in the sector will only rise’ explains Richard Rowntree, Paragon Bank managing director of mortgages.
“As with other distinct tenant groups – young couples and students to name but two – older tenants have their specific requirements. Over 65s are more likely to live alone and in smaller homes, for example, and the sector will need to adapt and evolve to cater for this ageing tenant population. Landlords will need to target smaller homes and be prepared for their tenant to adapt the home to suit their needs.”
He adds: “The good news is that landlords have a strong track record of meeting the needs of their tenants and I’m confident that they will be ready to respond to meet this changing demographic.”
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Definitely rather have more mature tenants
Older sounds very ageist
Mature tenants every time for me, I don't rent to anyone under 25, and much prefer 35+, one of my properties has had a bathroom turned into a wet room for an older couple, but not at my expense.
Would I pay for alterations ? that would very much depend on what alterations and the deal
I would… but not mega money, all my tenants are older, i I decided to exclude the younger ones, far to much trouble by what I read.
Also prefer older tenants, but not too keen on paying for alterations, especially if they don't add value to the property and may need to be reversed before the house is sold. However there should be no need as it's so hard for anyone to find a rental property, may seem harsh but I'd expect tenants to pay for it themselves if they wanted it that much. Only issue then would be whether it would be done to a good standard and whether it would be easy to take out before the house is sold. Bearing in mind properties more likely to be sold to younger people who may have kids and thus prefer a bath to a wet room for example.
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