Marketing a Rental Property to Older Tenants
New research by the Social Market Foundation says that more than half of rental properties will be headed by someone over the age of 45 by 2035. Although the perception is often that renters are younger and more transitory, the truth is increasingly the opposite. This means that there will have to be a shift in marketing a rental property in the future.
Currently, households headed by someone aged 45 or over make up 35 percent of tenants, but the projection suggests that this will rise to at least half, approximately 2.7 million properties, in the next 13 years.
This shift in demographic will prompt letting agents and landlords to rethink strategies for marketing a rental property in the future. The new policies must consider what is important to an older audience when looking for a property, which could be considerably different from those features that appeal to younger renters.
Considerations For More Mature Tenants
There are many considerations to make as we prepare for a rental sector dominated by older tenants. More mature renters are likely to want to stay in properties for a longer time. The cycle of younger people renting for a short time before they buy and are replaced by other young renters is no longer going to be the reality. More mature tenants want to be able to settle down and put down roots, just without owning the property.
This means they might be looking for more homely properties and are more likely to want the convenience of ground floor access than having to climb flights of stairs. They are also more likely to have children, and in the case of elderly renters grandchildren, so will be looking for properties with multiple bedrooms. In addition, as middle-aged tenants see the property as a family home, they are more likely to want to make cosmetic changes to walls and other furnishings.
Location will matter too. Demand could well fall for city centre dwellings, with a surge in demand for properties better placed for amenities such as schools and parks, and with handy transport links.
Another consideration when marketing a rental property to older tenants is pet ownership. Whilst younger tenants might be happy to wait to get pets until they are more settled, as a nation of animal lovers it is likely that older tenants renting long-term will want to add a pet to their household. Landlords who previously never considered allowing tenants to keep pets might have to reconsider.
Marketing a Rental Property to Older Tenants - Tips
● Consider what is important in a location for more mature tenants and highlight those details. Talk about the good performance of local schools, easy transport links, favourable crime rates and more in your marketing materials
● Mention the amenities that are in close proximity. For families, this includes cinemas, bowling alleys, restaurants and more
● Highlight property details that would benefit families. Storage room, size of the bedrooms, outdoor space and so on
● If the landlord is okay with pets and tenants redecorating, make sure you mention this in the details
● Consider how best to reach your audience. Social media is popular for all age groups, but whereas you might target younger renters on TikTok and Snapchat, your middle-aged tenants might be more at home on Instagram, Facebook or Twitter, with Facebook the most likely online social network for elderly internet users
● Older tenants will be more open to email marketing too. Younger tenants are less receptive to this approach, but middle-aged and elderly tenants are more likely to read and act on emails.
Want Help With Properties?
After marketing a rental property to older tenants and gaining their interest, this is where we come in. Outsource your property management to us and we take on the tasks from getting references to drawing up the tenancy agreement, collecting rent, performing maintenance and dealing with renewals. See our website for more details of our property management packages.