A new survey reported that the average age of tenants has gone up from 25 in 2006 to 28 this year.

Landlords have now discovered that the average age of tenants rose significantly from 25 years old in 2006 to 28 years old in 2009. The main reason for this change is attributed by the financial difficulty faced by the younger generation. Since the beginning of the recession in 2008, many young adults have either faced the risk of unemployment or their pay has been frozen, which made it harder for them to save up or afford the 30% deposit when buying a property.

Besides, owning a property involves financial commitment in terms of the long-term investment of home ownership. Due to this, it has been revealed that so many young people are no longer interested in purchasing and owning their own home. Instead, renting - as an alternative - seems to provide flexibility for those who choose that path.

Under this economic climate, many other homeowners would like to earn extra money from renting a spare room out. The number of these live-in landlords taking up lodgers has reached its all-time high with an increase of 67% compared to 2008.

As tenants are now renting longer, they should be reminded to get Tenants’ Contents Insurance for their own protection. For more information about Tenants’ Contents Insurance and other landlord insurance, Visit Discount Landlord Insurance.