Are you a Lancaster or Morecambe landlord? Did you know the rental landscape is slowly changing as more and more people choose to rent rather than buy? For many, it is becoming a lifestyle choice.
According to a new report by the Social Market Foundation, more than one in four private rental households could be headed by a person over the age of 55 by 2035.
There are huge benefits to landlords with this. This generation of renters tends to have slightly different needs. A big one is that they prioritize the length of tenancy on offer, favouring longer term lets. This means fewer void periods for a landlord.
They also tend to prefer unfurnished properties as they are more likely to have their own furniture.
If you want to appeal to this age range of tenant, you need to consider the following when choosing a property to purchase…..
- Is it close to shops?
- Are their good public transport links?
- What other local amenties are close by?
- Where is the doctors / dentist and hospital?
Another key consideration that you can’t control is that this generation wants to be close to friends and family.
Renting to the over 55’s is certainly something worth thinking about out and my advice is not to dismiss the next generation of renters!
Thanks for reading
Josh