Wednesday, 20 June 2018

Average age of renters is increasing over time

Average age of renters is increasing over time

THE perception for many is that the world of renting property lies with a young generation — whether that’s students, or young professionals saving money while finding their way on to the property ladder, writes Lucy Boon.

However, recent research carried out by estate agency Romans paints a very different picture and shows how the rental market really is changing and challenging these perceptions.

The findings, compiled as part of Romans’ Property Academy Tenant Survey, showed that 34 per cent of the agency’s tenants are aged 30 to 39, 22 per cent are aged 40 to 49, and 15 per cent are aged 50-plus. Overall, 71 per cent of Romans’ tenants are over the age of 30. This research points to a changing landscape of renting, with people renting for longer either through choice or due to house prices continuing to rise.

Michael Cook, lettings managing director at Romans, said: “Renting is becoming a lifestyle choice instead of buying. The great news for landlords is that these tenants often have families, so they typically take a longer-term tenancy as they’re keen to settle in a family home.”

Interestingly, of those who took part in the survey, 67 per cent said they had no choice but to rent due to high house prices and have lived in their current rental property for over 24 months.

A huge 79 per cent per cent said they intend to stay in the property and renew the tenancy agreement when it expires. These findings suggest the rental market will remain buoyant, with more people renting for longer.

Property

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