Almost 50% of landlords are willing to alter their property to accommodate the needs of older tenants, new research from Paragon Bank has found.
In a report analysing government data, The middle-aged tenant surge, the number of households in the PRS aged between 45 and 64 increased by 70% in the past decade.
Tenants aged 65 or over rose by more than one-third (38%).
The bank’s research of almost 800 landlords found 46% were happy to fund property alterations to cater for older tenants, with the average amount of investment standing at £985.
Some 21% of landlords would invest up to £1,000, while 5% would fork out £5,000 or more for the works.
According to the report, landlords view older tenants as “advantageous” as they tend to prefer longer tenancies (65%), are more respectful of neighbours and the community (63%) and are reliable (58%).
“The idea that the PRS is the tenure of the young is outdated,” said Richard Rowntree, managing director of mortgages at Paragon Bank.
“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.”
For example, Richard claimed over 65s were more likely to live alone and in smaller homes.
“Landlords will need to target smaller homes and be prepared for their tenant to adapt the home to suit their needs,” he added.
“The good news is that landlords have a strong track record of meeting the needs of their tenants and I’m confident they will be ready to respond to meet this changing demographic.”
