Letting agents and landlords can benefit from adapting the service they offer to cater for a growing number of family renters and older tenants living in the private rented sector (PRS), the Tenant Shop has argued.
Tenant Shop, which offers products and services for both letting agents and tenants, said that renting is now the choice of tenure for a wider cross-section of the population rather than just for young professionals saving for their first home.
Glenn Seddington, managing director of Tenant Shop, an Inchora Company, said: “More people from all demographics are choosing to live in the PRS for the long-term.
“This is due to a number of reasons, including the flexibility and affordability it offers.
“This development has provided agents and landlords with the chance to work with new age groups and those that cater to older tenants and family renters within their service offering can reap the benefits.”
According to the most recent English Housing Survey (EHS), the proportion of private renters aged 55-64 was 9% between 2017 and 2018 which has risen by 5% over the past 10 years.
The previous year’s EHS documented a rise of 1.8 million in the number of family tenants over a decade.
Older tenants or middle-aged renters will be looking to work with agents and landlords who provide a reliable and comprehensive customer service.
Seddington added: “Older tenants may also be looking for insurance products to protect their most valuable belongings and their families, and an alternative way to access the utilities market.”
“By working closely with our agent partners, we have been able to support them further following this shift in market activity. And those that always like to be at the cutting-edge of the trends and lead the way with customer service are understood to already be yielding results.
“Tenants with young children are more likely to be under financial pressure, so they will be looking to keep bills down through introductory offers and deals when it comes to utilities.
“Agents who can make key introductions, as well as providing expert advice on things like contents insurance, can start to build long-term relationships with these tenants who will become the buyers, sellers and landlords of the future.”