Peterborough Landlords – Are You Considering Later Year Tenants?

It is vital landlords know who their most likely tenants are. You might have an idea of which tenant you wish to reach, but if this group of people are not looking for rental property in your area, you might limit your chances of success.

At Just Lets Peterborough, we are pleased to say we know the local lettings market, and local tenants. There is a broad range of people looking for rental options in and around Peterborough these days.

It might be that there is a group of prospective tenants you haven’t considered as of yet.

There are reasons to rent in later years

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:

  • 68% of people aged 55 or over said renting suited their needs or that they enjoyed renting
  • 63% of respondents said they were happy to not have to worry about repairs around their home

There are benefits in letting to older 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:

  • No longer having to worry about property maintenance
  • Having a secure and safe living environment
  • If the tenant(s) has downsized by selling a property, they have money to use as they see fit
  • Renting allows many retirement aged tenants to live in the heart of their town and centre, being closer to facilities and transport option
  • 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.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.