At HoldenCopley, we look to provide as much support as we can for Nottingham landlords. One of the most important tasks we have is connecting landlords and tenants.
We know the student rental market is sizable in Nottingham, and there is a high level of demand from young professionals and people making their way into the world.
However, the rental market has changed in recent years. Not only are more families renting, there is a growth in demand for rental property from mature tenants.
If you haven’t considered the mature rental market, it is time to reconsider who is your ideal tenant.
We think there are strong reasons why you should let to mature tenants, and if you would like to discuss this matter, please get in touch.
Studies indicate the rise in mature tenants
Paragon Bank states that in the past decade, the number of English households in the 55- to 64-year-old category who are in the private rental sector with an Assured Tenancy has risen by 118%.
Some of the reasons cited by the respondents include:
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68% of people aged 55 or over said renting suited their needs or that they enjoyed renting
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63% of respondents said they were happy to not have to worry about repairs around their home
There are strong benefits in letting to mature tenants
Jamie Turnbull is the Business Director of Girlings, and he has spoken about some of the benefits that older tenants receive from renting. Some of these benefits include:
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No longer having to worry about property maintenance
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Having a secure and safe living environment
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If the tenant(s) has downsized by selling a property, they have money to use as they see fit
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Renting allows many retirement aged tenants to live in the heart of their town and centre, being closer to facilities and transport option
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Smaller properties should be easier to clean
Jamie Turnbull said; “As people age their housing needs change. Many want to live independently but also be part of a community of people so they have likeminded people to socialise with. They also want to feel safe and secure with people around them should they ever need help.”
Jamie Turnbull continued by saying; “Renting in a retirement development can offer all these benefits. It also enables people to downsize from a larger home to somewhere smaller and more manageable, releasing capital in a home if they own it. Most of our properties come with assured tenancies too so people have the same security of tenure as home ownership.”
Jamie Turnbull concluded by saying; “Renting can also be an easier way to move to somewhere new without the commitment involved with buying a home. Many people want to retire to popular retirement hotpots such as by the sea or close to lots of amenities.”
We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today by calling us on 01158969800 or emailing steven@holdencopley.co.uk.