Britain's landlord base is set for a generational overhaul, with Millennials and Gen Z together forecast to make up 62% of landlords within a decade. This projection comes from research by Rely, part of the OSB Group, which surveyed 1,509 current and future landlords.
The study indicates that Boomers and Gen X, who currently represent 54% of landlords, are expected to see their proportion fall to 37%. Additionally, the research predicts a more diverse landlord demographic, with ethnic minority representation more than doubling from 11% to 23%, and the proportion of female landlords rising from 36% to 42%.
Jon Hall, chief commercial officer at Rely, stated that the private rented sector is transforming. He added that a younger, more diverse, and tenant-focused generation is taking over, motivated to deliver good homes and build relationships with tenants.
Inheritance is anticipated to be a significant factor in this shift, with one in three future landlords expecting to inherit a home to let. This compares to 27% of current landlords who entered the sector through inheritance.