Older tenants most likely to renovate rented property

Renters over the age of 55 are most likely to refurbish their properties, a survey says.

Tenants over the age of 55 are most likely to spend money upgrading their property, according to a survey conducted by Ocean Finance.

Two in three (67%) respondents to the survey have made improvements to the buildings they rent.

Meanwhile, 75% of those over the age of 55 said they have spent money redoing their rented home. Of these, 70% have redecorated and 40% have paid for new carpets.

With the average tenancy in the UK lasting around 18 months, tenants who make renovations often gift their landlord a significant increase in the value of their property.

Although the most popular home improvement done by tenants is to redecorate, others tackle more ambitious work, including fitting new kitchens or bathrooms, laying new carpets or landscaping the garden.

Ian Williams, spokesperson at Ocean Finance, said: “It’s normal to want to make a house a home, whether it is a rented property or owned, but before starting any work on a rented property make sure you check your tenancy agreement and ask your landlord for permission.

“If the home improvements are essential to the general property maintenance the landlord may either pay for or contribute towards the renovation costs, which can remove some of the financial burden from the tenant.”

Other home improvements made by renters include improving the insulation of their home, boarding the loft area, buying new appliances, improving the lighting, repairing the landlord’s furniture, making alterations to accommodate a disabled person and adding a shower.