Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Older Renters Face Shrinking Supply of Suitable Homes in PRS
Nearly 867,000 households in England’s private rented sector (PRS) include someone aged 55 or over, according to a new report. Rising demand for suitable homes for older renters is coinciding with a shrinking supply, as highlighted by research from Propertymark.
The report notes that the demand for housing suitable for older people is expected to continue increasing over the next decade as the population ages. This trend presents challenges for letting agents and inventory clerks, who may need to adapt to the changing needs of older tenants in the PRS.
Letting agents are likely to see more enquiries from older renters seeking homes that meet their requirements, while inventory clerks may encounter a greater focus on accessibility and suitability features during property inspections. The ongoing shift in demographics underscores the importance of ensuring that the private rented sector can accommodate the needs of an ageing population.
Source: Property118