As with anything these days there are many misconceptions about the private rented sector, especially here in Sheffield, but a common one I regularly hear is that “Renting Is only for the Young”
This is outdated and doesn’t reflect the demographic changes I have personally seen in the rental market in Sheffield over the past 4 years that I have been running this business.
Over half of tenants today are over the age of 35 and, if current trends continue, the average age of tenants renting in Sheffield will only rise.
The demographic of tenants that have experienced the fastest growth over the past 10 years is those aged between 45 and 64 – increasing by a whopping 70 per cent!
Government data shows there are 1.18 million households where the lead household representative is within the 45-64 bracket, compared to just 691,000 in 2011.
Local studies show that less than one in five of this age group is currently saving towards a deposit for their own home, even though the desire to own a home is much higher.
Compared to younger age groups, the 45-64 cohort typically has a lower income, is in less skilled jobs, and sits within lower social grades, inhibiting their ability to buy a home. These tenants have lived in rented homes throughout Sheffield and South Yorkshire for the long term and look set to continue to do so; they view the home as their own and they want the security that their landlord won’t sell the home.
Looking at the group of over-65s currently living in rented accommodation, the ageing of this cohort past retirement age could present opportunities for landlords to provide these tenants with a home.
As with other distinct tenant groups – young couples and students to name but two – older tenants have their specific requirements. Over 65s are more likely to live alone and in smaller homes, for example, and the sector will need to adapt and evolve to cater to this ageing tenant population.
Landlords will need to target smaller homes and be prepared for their tenants to adapt the home to suit their needs.
Is this something you have thought about wen considering your next BTL? Is it something you will now take on board?
As always thank you for reading and if you wish to discuss this further, please feel free to get in touch
Sandie
01 September 2023
Why Bruce & Simpson?
IT’S SIMPLE – WE ARE DIFFERENT…
No other Property Management company anywhere offers what we do. The work we do isn’t a job, it’s a passion.
We want to offer our customers the best there is, and with our personalised service and unique partnership with our service team – Work With Group – we offer the complete package under one roof.
Independent. Proactive. Professional.
Our customer reviews
By chance we came across Sandie at Bruce Simpson, having always used “bigger” more well known companies before when needing to find tenants for our rental properties. Never again. The service far exceeded our expectations and went over and beyond, it was worth every penny of the more than reasonable fee payable. Sandie did everything Haybrooks did not. She achieved more in one week than they did in one month, keeping us posted in a kind and friendly way every step of the way. Bruce Simpson excels in providing a personal service, covering every aspect needed effortlessly. Thank you. 100% would recommend to landlords and tenants alike.
I have been working with Bruce & Simpson for nearly a year now. Great communication, fills rooms quickly and solves any problems that arise with tenants!
After feeling disgruntled by the treatment of the high street agent we were using to find new tenants and manage the properties, I was introduced to Sandie and was impressed by her passion and “thinking outside the box” attitude to marketing my properties. Nothing is too much trouble and any maintenance issues are dealt with straight away. Very happy
