Average Tenant Age Rises to 40

News at Pilgrims Sales & Lettings | 20/09/2016

A recent property rental survey has revealed the average age of a Tenant in the UK has risen to over 40 for the first time. 

This surprising news comes from results involving 35,000 participants and was commissioned to provide greater knowledge of the private rental sector. These figures conclude that the age of the average Tenant is likely to exceed 45 by 2025.

The research found that 20% of renters were over 55, with another 23% of tenants belonging to the 45-55 age group. Surprisingly, only 38% of those in private rental accommodation were under 35.

The survey also concluded that 25% under 25-year-olds claimed they were satisfied with renting, with 75% planning to buy their own home in the future. Somewhat unsurprisingly  the figure reverse for those aged 55 and above, with just under half stating they were happy with renting and only 19% saying they would look to buy again.

Across all age groups, the majority of tenants said the flexibility of renting suited their lives.

Pilgrims Managing Director James Griffin comments “This survey outlines that renting is becoming extremely important across the UK. A stark increase in the older generations renting may surprise some, but many turning 50 years of age have turned to the private rental sector to compliment a more versatile and transient lifestyle. 

“Now more than ever, it is important that this sector offers quality, properly maintained property to secure the best Tenants.”

“Nearly all young tenants have aspirations to own their own home in the future. However, the lack of affordable housing, especially in London and the South East, makes it difficult for first time buyers to become home owners. Longer term lending and an increase in shared ownership may well be the key to solving this problem which is not going to right itself without innovation form the Government and Local Housing Authorities.”

http://www.pilgrimspropertyservices.co.uk, 20/09/16, James Pilgrims