We spoke to Letting Agent Today about how letting agents and landlords can benefit from adapting the service they offer to cater for a growing number of family renters and older tenants living in the private rented sector.
According to the most recent English Housing Survey (EHS), the proportion of private renters aged 55-64 was 9% in 2017-18, up from 5% ten years previously.
Meanwhile, the previous year’s EHS documented a 1.8 million rise in the number of family tenants over a decade.
Various other studies and research in recent years have also revealed an increase in the number of middle-aged renters, with or without children, as well as older people renting for lifestyle reasons.
Glenn Seddington, managing director of Tenant Shop, said: “More people from all demographics are choosing to live in the PRS for the long-term. This is due to a number of reasons, including the flexibility and affordability it offers.
This development has provided agents and landlords with the chance to work with new age groups and those that cater to older tenants and family renters within their service offering can reap the benefits.”
What are older tenants looking for?
Older tenants or middle-aged renters will be looking to work with agents and landlords who provide a reliable and comprehensive customer service.
As well as being able to use efficient and easily navigable online communications processes, they’ll also be keen to meet in person or speak on the phone when necessary.
Air Angels explains: “Older tenants may also be looking for insurance products to protect their most valuable belongings and their families, and an alternative way to access the utilities market.
By working closely with our agent partners, we have been able to support them further following this shift in market activity. And those that always like to be at the cutting-edge of the trends and lead the way with customer service are understood to already be yielding results.