Number of older tenants on the rise
Published by Sarah Ashcroft
Landlords across the UK will be aware that the number of older people renting homes from them is on the rise, and the latest statistics on the subject appear to confirm this is the case.
Whereas renting a home was once seen as a typical move from younger people, who may have used the spell as a chance to save up money in order to buy their own property, it now seems to be an option that is appealing to older individuals.
Figures from Countrywide suggest there has been a six per cent year-on-year growth in the number of tenants aged 50 and over. People are also becoming keener to remain in a rented property for longer, with the average tenancy now lasting 19 months.
In addition to the trend for more older tenants, the number of people aged under 25 who are renting a property decreased by seven per cent in the second quarter of 2013, in comparison with the same period last year.
Nick Dunning, group commercial director at Countrywide, said: "Renting a property was previously a choice for the younger generation as they saved for a few years to get on the housing ladder. However, there is currently a demographic change in the UK rental market with people renting for longer and in some cases for life."
It seems it continues to be a good time for landlords to invest in new properties, as the average rental income per month rose by 1.1 per cent over the last year. The typical figure now sits at £845, with Scotland in particular enjoying a healthy increase, of 6.7 per cent.
Landlords in Wales enjoyed the highest yields of all, with these working out at 6.6 per cent, followed by the 6.5 per cent recorded in the Midlands.
With plenty of potential to attract tenants and receive a considerable monthly income, a move into the rental market can be a particularly appealing one to would-be landlords at the moment.
Published on: July 12, 2013
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