No, this isn't a proposal for a new Marvel film, what we're talking about is the significant growth of the UK’s more mature home renter.
At present, there are around 4.5 million privately rented households in the UK - and according to recent studies, this number is expected to grow exponentially in the next two to three years or so. In fact, numbers dictate this number will rise to a not so modest six million.
A study from Your Move's Sister Company, LSL Corporate Client Department Ltd, uncovered that in the UK, 40% of tenants living in private rental accommodation across the UK are aged over 46 - suggesting the age of the ‘Silver Renter' is upon us.
Of that particular demographic interviewed, 18% were over 55, with the remaining 22% belonging to the 46 - 55 age bracket.
Rather unexpectedly, just 39% of those in private rental accommodation was under 35.
What's particularly interesting is that as the study delved deeper into the satisfaction levels of those surveyed, while 80% of respondents in the younger age group said they aspired to own their own homes in the future, the numbers more or less reversed for those aged 55 and above. A mere 19% of participants in the 55 and over age group confirmed they wanted to own their own home in the future, with the vast majority stating they were particularly happy with their private rental situation.
Now more than ever, an increasing amount of people have turned to the private rental sector as a comfortable, convenient option following a change in personal circumstance.
In today's world, the private rental sector is incredibly important, particularly among young families and those in the more mature stages of their lives. Nowadays, private home rentals offer increasing levels of excellent quality, well-managed properties that allow tenants to set up a real home, rather than the facade of one.
As you might already know, the bell may have tolled for the independent student landlord, and while this option may not be available anymore, it seems there's a new target demographic in town - the ‘Silver Renter’.
These people want warm, welcoming, secure, quality homes with a long letting life and not only are they likely to be reliable, but they will also be likely to treat your property with the utmost respect.
Armed with this new information, and considering the fact that Stoke-on-Trent is the UK’s number one buy- to-let hotspot, for the enterprising landlord, aiming your property at the right crowd and in the right location gives you absolutely everything to gain.
Want to find out more about the virtues of making your property portfolio pottery flavoured? Read this and stay one step ahead of the competition.