Half of landlords are prepared to make changes to their property to accommodate the needs of older tenants, Paragon Bank research has found.
Paragon’s analysis of Government data showed that the number of households in the PRS aged between 45 and 64 increased by 70% over the past 10 years, with those aged 65 or over increasing by 38%. Many of this cohort are expected to remain in rented accommodation, according to the bank’s report – The middle-aged tenant surge.
Paragon’s research, conducted on behalf of the bank 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.
The research showed that 21% of landlords would invest up to £1,000, with 11% investing up to £3,000 to adapt the property. Meanwhile, 5% 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%), are more respectful of neighbours and the community (63%) and are reliable (58%).
Richard Rowntree, Paragon Bank Managing Director of Mortgages, comments: “The idea that the private rented sector is the tenure of the young is outdated.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.
“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.
“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.”