Adapting to an ageing population

In an ageing population, housing demographics are ever-changing.

As the average first-time buyer age rises, so too does demand for a variety of rental properties. In addition, increasing demand from older tenants continues to dispel the outdated myth that the private rented sector is purely the domain of the younger generations. Although this is not a trend which has bypassed the attention of many landlords, with growing numbers realising the benefits attached to having older tenants in situ.

This was evident in newly released data from Paragon which outlined that almost half of UK landlords are prepared to update their property to accommodate the needs of older tenants.

Paragon’s research, conducted by BVA BDRC, showed that 46% 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, while 21% of landlords said they would invest up to £1,000, with 11% potentially looking to invest up to £3,000 to adapt the property. Meanwhile, 5% would invest £5,000 or more. It also added that landlords view older tenants as advantageous due to the fact they tend to prefer to have longer tenancies (65%), are more respectful of neighbours and the community (63%) and are reliable (58%).

As also highlighted in this research, over half of tenants today are above the age of 35 and the average tenant age is only likely to increase further in the coming years. In line with this, more specific property requirements and alterations will be needed for those tenants entering their later years. Meaning that landlords need to be fully aware of the pros and cons of such tenants types and seek specialist advice when evaluating how any major adaptations to their property investments can be funded in the most efficient and effective manner possible.