To the benefit of landlords, more and more retirees are opting to take accommodation within the private rental sector (PRS). The market for Seaford letting agents and individual landlords has been expanding from its traditional base of students and young professionals. As the real estate market changes, property letting agencies are finding more and more tenants among the growing number of families and retirees seeking out housing options that meet their unique financial requirements.
Renting Choices for Retirees
The number of seniors living in PRS accommodations is on the rise. In October, Homelet’s news bulletin reported an increasing number of senior tenants utilizing private rental accommodations, either through a landlord or property letting agency. Recently, Prudential showed that one in four retired people chose to rent rather than own their home. This number was even higher in larger cities where increased property costs factored into the decision to rent or own a residence. It was found that retirees often contact a letting agent after making the life-changing decision to sell their home and begin a rental arrangement. It’s a safe bet that this choice can be attributed to many factors, but finances are at the heart of the decision to secure a Seaford letting agency. According to Prudential, nineteen per cent of retired tenants are restructuring their finances due to a separation or divorce. Close to ten percent contact a letting agency in order to increase their income. The largest numbers of newly retired tenants — forty per cent — are people who have sold their property in order to reduce their debts. Researchers at Prudential also found that retired renters were generally pleased with their choices. This may indicate that the number of retirees in the rental sector will continue to rise.
Retired Tenants Valued by Letting Agents in Seaford
It is evident that Seaford letting agents need to have an understanding that more and more retirees are entering the private rental sector. When seeking accommodation, mature tenants will naturally tend to have different priorities than their younger counterparts. By understanding the unique needs of senior tenants, letting agents in Seaford can be sure to adapt their presentations and appeal to a wider market.
Retirees as Landlords
Retirees often recognize that they can boost their retirement income by entering the rental market as landlords. According to research from Secure Property Investment, many older landlords view investments in property rental as a secure way to maintain a stable income. Another study by BDRC Continental concluded that four out of five landlords intended for their properties to be used as an investment for retirement.
Older Landlords Increasingly Seeking Seaford Letting Agents. Retired people represent the ideal client base for Seaford letting agents. Many are entering the property letting market for the first time during their retirement and require the property management services of letting agents in Seaford in order to ensure that their estates are properly maintained. Retired landlords often desire a letting agency to take care of the small daily tasks of property management, so that they can have the time and finances to fully enjoy their new retired lifestyle.