Significant rise in people who rent later in life
Posted 21 May 2018 15:20:28
According to research there has been a significant increase in people privately renting later on in life.
A Family Resources Survey by the Department for Work and Pensions has identified that 35 to 54 year olds who live as private tenants has nearly doubled in 10 years since 2006-07. Other research by the Centre for Ageing Better found that 414,000 older people are privately renting, up from 254,000 in 2007. It estimates that by 2040 a third of people aged over 60 could be living in private rented accommodation.
The reasoning behind this is varied and in many cases is due to it being the only option. Typically finances, illness, death of a significant other, relationship breakdowns and divorce have a big influence on this. This new trend however suggests that it is now being seen as a more attractive option for some. Many people later on in life are actually jumping off the property ladder and into the private rental market to enjoy the benefits such as:
- The option of renting in an area that you can’t afford to buy in
- A sense of freedom
- Free up capital to travel or spend in other ways
- Not worry about property maintenance or repairs
- Lower your cost of living
- Find age appropriate features
- Re-locate near family
- A stop-gap from the property ladder
It’s not all good news unfortunately thought as there are concerns that older renters are largely ignored by their landlords. The trade body Residential Landlords Association has recently stepped up its calls on government to help the lettings industry do more for older renters.
David Smith, policy director for the Residential Landlords Association says:
“We recognise that older tenants, especially those with children, want security in rented housing. Although official statistics show that tenants have, on average, lived in their existing rented homes for almost four years, we have called on the Government to do more to support the provision of longer tenancies”.
“This includes addressing the problem that mortgage lenders often prevent landlords offering longer tenancies with an RLA survey showing that 44 per cent of landlords have mortgage conditions that limit the maximum length of tenancy that can be offered.
“The growth in the number of older tenants is one factor behind an increase in demand for rented housing at a time when an increasing number of landlords are not investing in more properties or are selling off homes because of government tax rises on the sector. This is making it more difficult in areas of high demand for tenants to find decent accommodation.”
Here at Ground Group we have noticed this increase in older renters and we’re proud to be able offer great quality rental accommodation to fulfil the needs of all. If you’re looking to rent in the Doncaster area please contact us today and we’ll be happy to assist you in any way we can. Alternatively view our property search page to see what’s available to rent in the area.