As a landlord, you need to ensure you reach out to suitable tenants. If you are fortunate enough to be in a position where you can be selective with your choice of tenant, it may be best to focus on a tenant market you wish to cater for.
There is an argument for letting to tenants in their later years. If you are keen to let to tenants who are most likely to care for your property, you will find this sort of tenant to be dependable and reliable.
Information contained in the most recent English Housing Survey suggests there has been a significant increase in the number of people aged between 55 and 64 living in the private rental sector. Simultaneously, there has been a drop in the number of homeowners in this age group.
Some of the key reasons you should consider letting property to older tenants include:
· These tenants are likely to look for longer tenancies
· Older tenants are reliable and more likely to respond in a suitable manner
· Older tenants are more likely to have a quieter lifestyle
These reasons are more than enough for some landlords, to consider letting to elderly tenants, so think about what you need to do in order to make your rental property more appealing to these tenants.
Is your property in the best location for elderly tenants?
Bear in mind older tenants are diverse. Whereas these tenants would previously have liked a quiet location with a range of local amenities at close hand, this isn’t the same for everyone. People are entering their golden years with more pep and vigour, and are often looking to make the most of their social life.
A lot of people are looking to let in a city or town centre, allowing them to be close to good restaurants, shops and other social activities. If you already have a rental property, you wish to let, consider the different needs to elderly tenants. If you are keen to let property to elderly tenants, consider what location and facilities you need to suit the requirements of these tenants.
Be clear and consistent with communication
While this point is valid for all landlords and tenants, it is imperative landlords with elderly tenants communicate effectively. Don’t assume that the elderly prefer to communicate by letter or phone. Many people aged 50 or older are tech-savvy and are comfortable communicating via email, messaging service or SMS.
Make sure the property is safe and secure
All landlords are duty-bound to ensure they offer safe and reliable rental property. However, if you let to elderly tenants, there is a lot to be said for improving the standards of safety and security at home.
Call out experts in this field to review the quality of your rental property, and take on board any recommendations they make. Again, people are living for longer, and in a healthier condition, so it is not as if every person of advanced age needs a tailored property, but try to improve the general safety of the property.
If you plan on letting your rental property in Sutton, and you need a helping hand, contact Belvoir Sutton, and we will be more than happy to assist you.
