What – or rather who – does the term ‘generation rent’ refer to? It is used to describe those who are finding it a challenge to purchase their own home, and so are forced to rent.
At one time, it was primarily a descriptor of younger people in their 20s, say, who were trying to get on the property ladder with their first home. However, nowadays, it is just as likely to apply to older people as well. ‘Generation rent’ today includes people in their 40s, 50s, and even 60s who cannot or do not wish to buy their own home.
Letting agents will know that the split between those who rent and those who buy is approximately 50/50, but just why are older people renting rather than buying? For some of the older generation, their retirement funds and plans are not stretching as far as they had expected.
This could mean that they need to sell their homes and rent, for example, living off the proceeds of their house sale. Some choose to make further investments while renting, like land for sale at Mambourin. Others might choose to rent their own home out and make a profit doing that, whilst also renting somewhere smaller for themselves to live. It is an effective solution for those who wish to make money during retirement.
That presents its own problems, though. It can mean that there are many ‘amateur’ landlords in the system. There is a great deal of complex legislation surrounding being a landlord. It’s increasingly important to take advice from letting agents to ensure the investment is a sound one.
For the landlord, however, renting to older tenants can be advantageous, as they do tend to act more responsibly and look after properties better. Moreover, they are often competent when it comes to dealing with small maintenance issues, meaning they won’t need to call the landlord out on a regular basis.
Making Changes To A Rental Home
Letting agents will have come across every situation from landlords and renters before. Never be afraid to ask them your questions and they will do their best to assist you. One question you might have is about your rights to make changes to the property you’re renting, especially if you intend living there over the longer term. You will most likely want to decorate rooms, for instance, but you may be unsure as to what is acceptable. To avoid risking losing your damage deposit – or indeed your tenancy – check your tenancy agreement before starting work.
If the agreement is not specific on this point, never begin work on the décor or rooms without checking that it is permissible to do so first. Some landlords are more open to tenants’ requests to change aspects of the house than others. As a general rule, most will not allow permanent alterations to be made. However, they will accept redecoration or small changes to the fabric of the property, provided it can be returned to its original state at the end of your tenancy. Often, your letting agent will be the proper conduit to your landlord. They will liaise between you and your landlord to come to an agreement both are happy with.
