Cardiff Landlords Are You Catering for Retirees

Cardiff Landlords are you catering for Retirees

According to the mortgage lender Paragon’s latest report titled ‘The Growth of Later Life Tenants’ retiree renters and those in upper-middle age category are the fastest growing tenant groups in the private rented sector (PRS)

Paragon’s lates report showed that the number of English households in the 55-64 year old age category in the PRS with an Assured Tenancy has risen by 118% since the turn of the last decade, with those aged over 65 growing 93%. This rate of growth is nearly double the rate of the next fastest growing segment of 35-44-year-olds.

Richard Rowntree, Paragon Bank Managing Director of Mortgages, said: “There are a number of factors that may have contributed to the increase in over 55s in the PRS over the past 10 years, such as rising divorce amongst older people, poorer pension returns and men living longer.

“With the number of over 55s forecast to rise from 30% of the population to 36% by 2043 and new household formation predicted to be driven by older, single person households, the PRS will have an increasingly important role to play in providing a home for older tenants.”

Cardiff Landlords, the numbers do not lie, take a look at the overwhelming evidence that has seen a dramatic increase in the number of tenants over 55 years of age looking to access the private rented sector

Increase in number of retirees renting in the Private Rented Sector (PRS)

Cardiff landlords can access the Paragon report here https://www.paragonbank.co.uk/pcms_bo/resources/paragonbank/documents/mortgages/buy-to-let/growth-later-life-tenants

The Paragon report is based on the English Private Rented Sector (PRS) but Cardiff landlord should take head to the report’s findings and begin to look at how they can cater for this growing sector of the market.

If you would like to work with a proactive Cardiff HMO Letting Agent who are up to date with the latest market trends and housing legislation then please complete our contact form below to arrange a call from one of our team.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.