The private rental sector is increasingly witnessing a rise in elderly tenants, with the growing aged population and the effort and cost of property maintenance fuelling the trend.
Below, we explain the benefits of renting for the elderly, as well as negative factors to consider.
Instead of moving regularly, older people prefer a settled home. Usually with stable jobs or retired, they make for good low-cost, long-term tenants.
Older tenants are usually reliable and pay rent on time. Should problems arise, they are likely to report them quickly, and they usually regularly attend to their property maintenance responsibilities.
Wild parties are unlikely with this demographic. Similarly, older people rarely irritate the neighbours.
As a landlord, you must follow anti-discrimination laws, which include making necessary adjustmemts for disabled tenants and never ending a tenancy without a reason.
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AgeUK offers the following advice to older renters: https://www.ageuk.org.uk/information-advice/care/housing-options/renting-social-housing/.
Disabilities and illness are common with this age group. Health issues include arthritis, dementia, mobility issues and hearing/sight impairment. Automated payments can help those with dementia, while more regular property inspections may be necessary.
Peaceful areas with easy access to amenities such as shops, a post office and doctors are sought after by elderly tenants.
Many elderly people rely on cherished animal companions. Allowing pets will make your property desirable to a greater number of prospective tenants.
Some elderly people struggle with email and mobile phones. Letters and phone calls may be easier to manage for this group. If your tenant has visual problems, consider communicating in Braille.
Adjustments for the elderly
The 2010 Equality Act dictates that landlords must make reasonable adjustments for tenants with disabilities. This might include installing access ramps, railings in the bathroom, or stair lifts.
Older people are more susceptible to break-ins and scams. Make your property secure by fitting good locks, security lighting and a peep hole, and change the locks between tenancies.
Protecting the property
Mobility problems affecting wear and tear in the property can become an issue. Landlords need to ensure that a detailed, professional property inventory is provided at the start and close of the tenancy. This will help them to recover any costs in a dispute.