Increase In People Over 50 Renting
Landlords may find it interesting to read that there has been a significant rise in the number of people over the age of 50 that are renting a property to live in rather than owning one. This information has been provided by Saga Home Insurance.
Apparently, a third of people that are at least 50 years of age are currently renting a property. Back in 2011 there were 26% of people that were a minimum of 50 years of age that were renting a property.
We are sure that you will agree this is quite a large increase in a period of 5 years and could present landlords with a tremendous marketing opportunity. It begs the question as to what could have caused this increase in the number of people 50 years plus who are renting.
Well, there are more people over the age of 50 who are getting divorced than there were a few years ago. Therefore, some of those people may have to resort to renting a property if they are unable to afford to buy a home. Apparently, 20% of people that are renting a property to live in and are over the age of 50 are single.
It is those people in the 50 to 54 age bracket that have seen the largest increase in people renting properties. When you look at people over the age of 70 the research revealed that there were fewer people renting out. It was also interesting to read that 59% of people that are 50 plus years of age who are renting a property do not have any insurance to cover their own personal belongings.
The above information may trigger more landlords to focus on providing accommodation to people over the age of 50 who are looking to rent. One would have thought, on average, that people in that age bracket were more likely to look after properties that they rent and keep up to date with their rental payments as opposed to a much younger tenant.