Homes for aging singles may be the future of buy to let
Buy to let needs to change to reflect the needs of millions of older single renters, who are destined to become the fastest growth area in the market over the next 25 years, according to a study by the Office for National Statistics.
Most of this new horde of tenants will be older men and developers and suggest that landlords need to change their strategy to offer them suitable housing.
The number of households for singles is predicted to increase by 26 per cent to 4.6 million by 2041.
The number of men will grow from one in four singles now to one in three in 25 years, says the ONS.
While the number of single over 65s is set to boom, the largest increase in numbers will be the over 90s living alone – rising from 241,000 now to 588,000.
To cater for an aging population living alone, landlords and house builders must change their plans to build one-bedroomed accommodation suitable for older tenants.
Every part of the country will see a rise in aging single households, but the largest number will be in London – which will see a 30 per cent increase from 1.1 million single over 65 renters to 1.4 million.
The ONS forecasts a third of over 65s will rent privately by 2041.
“The figures show that the number of people in England living on their own is projected to increase by over a quarter over the next 25 years, driven mostly by increases in the number of older people living alone,” said Joanna Harkrader, of the Centre for Ageing and Demography at the Office for National Statistics.
“In contrast, the number of households with dependent children is projected to remain broadly similar. These figures reflect the potential impact of an ageing population and lower numbers of children being born on future living arrangements.”
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