Posts with tag: retiree renters

Rise in the number of retiree tenants recorded

Published On: July 4, 2017 at 8:47 am

Tags: property,renters,retiree renters,tenants

A new report from letting agency Countrywide has revealed that there has been a substantial rise in the number of retiree renters.

Data from the analysis shows that retirees have paid a total of £3.7bn in rent during the last year – a rise of 200% in comparison to the £1.2bn paid in 2007.

In addition, the research highlights that retired people now make up 8% of all private tenants, a rise of 5.2% in comparison to ten years ago.

Older Tenants

Households aged over 65 presently account for nearly 12% of all those living in the private rental sector, with this figure set to increase.

Girlings Retirement Rentals believe that this increase can be attributed to changing attitudes and perceptions to renting by the older generation. The firm has seen a steady growth in the number of enquiries received since 2002, with figures seen in 2015 and 2016 the highest on record.

The survey from Countrywide suggests that there are several reasons that the over 65s wish to downsize in their retirement. 34% of respondents said that they would move should they come to need more support, while 33% wanted lower property maintenance.

26% cited wanting fewer stairs for their reasons. Others highlighted wanting to live in a smaller house, reducing their outgoings and having a smaller garden to keep on top of.

Rise in the number of retiree tenants recorded

Pipe Dream

However, moving is but a pipe dream for many, with 42% believing there is a lack of suitable properties in the UK in which to move into.

Peter Girling, Chairman of Girlings Retirement Rentals, noted: ‘As people get older they want different things from a home and the option to downsize is something many would consider. Renting in a specialist retirement development is becoming a popular lifestyle choice. We offer properties on assured tenancies, so people have security of tenure which is very important for older people.’[1]

‘Renting enables people to step off the property ladder, sell their homes and release capital to help fund retirement. They can downsize to a more manageable sized property, with added support services included in the rent – and be free from the burden of property maintenance or upkeep,’ he added.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/2/sharp-rise-in-number-of-older-tenants

Number of retiree tenants is rising

Published On: February 27, 2017 at 12:41 pm

Author: Em Morley

Categories: Property News

Tags: Buy-to-Let,private rental sector,renting pensioners,retiree renters

There has been a sharp rise in the number of people renting property during retiree age, according to the latest report from Girlings Retirement Rentals.

The firm has attributed this rise to alterations in attitude and perceptions to do with renting in the last decade. In addition, it points to the many benefits that renting in later life can bring.

Retiree Renters

Presently, households aged 65-plus account for roughly 10% of those living in the private rented sector. Girlings said that this figure is rapidly growing

There has been a steady growth in enquiries since the year 2002, with 2015 and 2016 seeing the highest levels of enquiries. 2017’s figures are set to improve further.

This trend is being backed up by the National Landlords Association which found that the number of retired people in Britain moving into the private rental sector has risen by 200,000 since 2012.

A separate study by LSL Corporate Client Department Ltd shows that nearly one in five people aged over 55 are now renting.

Number of retiree tenants is rising

Lifestyle Choice

Peter Girling, Chairman of Girlings Retirement Rentals, said: ‘For many people in their 60s, 70s and 80s renting is a lifestyle choice, as well as a financial one. Many don’t want the financial burden of home ownership or worries about property and garden maintenance. By selling their home and releasing capital to supplement their retirement they can enjoy themselves, gift an amount to their children or invest it.’[1]

‘As people get older they can also find their current property is too big for them, or they feel isolated if they are left living alone. Renting can be a good solution for downsizing to a more manageable home, giving people access to services, should they need them as they get older and a social life that comes with living in a retirement community,’ he added.[1]

Concluding, Mr Girling said: ‘Renting gives older people the chance to move somewhere they have always wanted to live, such as by the sea or closer to relatives. Coastal locations are the most popular places to rent for many people, with Bournemouth the number one requested place last year. Renting allows people the flexibility to try a new location before deciding if it’s right for them.’[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/2/sharp-rise-in-number-of-older-tenants

Number of retiree renters rising

Published On: June 20, 2016 at 11:14 am

Author: Em Morley

Categories: Property News

Tags: rental market,retiree renters,retiree tenants,retirement

A new poll of tenants has revealed that the number of people residing in privately rented accommodation in their retirement years has swelled by over 200,000 in the past four years.

In all, the survey suggests that the total proportion of private renters in retirement age has risen by 13% since 2012.

Retiree renting rise

17% of retired renters reside in the South East of England. However, just 3% live in London, representing the smallest proportion in the UK.

The North West has 15% of the retired renting total, in comparison to just 4% in the North East. The West Midlands is home to 8% with the East Midlands making up 4%.

This said, the proportion of landlords who have let to retired renters has fallen by almost half in the same period. 9% of buy-to-let landlords asked said that they presently rent to retirees, in comparison to 19% in 2012.

Number of retiree renters rising

Assurances

Carolyn Uphill, chairman of the NLA, said, ‘more and more people are turning to private rented housing at every stage of their lives, including in retirement. Landlords appreciate the stability and assurances often provided by older households, but are finding it increasingly difficult to build businesses around the needs of potentially vulnerable tenants.’[1]

‘Successive cuts to the welfare budget, uncertainty about pension provisions and the devastating impact of the Government’s tax changes are likely to mean that private landlords will soon be unable provide homes in high cost areas like Central London for anyone without a well-paying job. As the proportion of retired renters continues to grow there’s a real worry that homes won’t be available in the private sector, forcing people to look further afield-leaving communities they have known and contributed to for decades,’ Uphill added.[1]

[1] http://www.propertyreporter.co.uk/landlords/retired-renter-numbers-rockets-by-200k-in-4-years.html