Are renters growing up? Renting is not just a young person’s game.
Renting is not just a young person’s game. Ahead of his appearance as a panellist at the upcoming RICS Residential Property Conference, David Bond, Head of PRS & Build to Rent of PRSim provides an update on the changing face of renters.
According to the latest PRSim-LSL Tenant Survey, older or rather ‘reconciled renters’ as the survey terms them, are not only happier to rent but are also more committed to longer-term rentals over and above any other life stage group.
This year’s findings paint a positive picture for the PRS industry, with more residents than ever bought into the communal living and shared services concept. However, it was the older renters (aged 45+) that stood out with their positive and youthful outlook on renting.
PRS housing for the mature market has long taken a back seat to the surge of modern developments geared towards Generation Rent. However, with nearly 1 in 4 of older people expecting to rent for a further 10+ years, the Silver Generation represents an attractive opportunity for the Build to Rent community.
Encouragingly, over a third of residents surveyed were already aware of ‘Build to Rent’ initiatives, particularly older life stages caused by the recent rise of retirement living and over 50’s developments, appeal for which appears to be growing significantly.
When focusing in on the over 45s, the survey found that more than half are interested in Build to Rent developments and 43% are willing to consider a development targeted at over 50’s, a significant increase from 2017.
It’s clear that future PRS initiatives should be broadened to cater to the needs of older renters and their desire for a more secure and sociable future, but to also encourage inclusive inter-generational communities in new and existing developments.
PRSim, a PRS and Build to Rent data, consultancy and operational management business, is responsible for undertaking this annual survey in conjunction with its parent company, LSL Property Services Group. The survey invites the opinions of over 40,000 UK residents – making it the largest and most comprehensive resource of its kind in the UK. The full results of the survey are due to be released to the public at two launch events based in London and Manchester this June.
Kindly shared by RICS