Bucking the trend that renting is just for the young, a recent report from Paragon Bank[i] highlights that the fastest growth group of renters in the past 10 years are aged between 45 and 64 – increasing by 70% – with those aged 65+ increasing by 38%.
For the over 45s, the top attractions of renting are not having to worry about repairs; along with the property being in a location in which they couldn’t afford to buy, as well as the flexibility of renting and not having the responsibility of home ownership. But when it comes to what they don’t like about renting, it’s the fear of being asked to move out.
Dominic Stead, Property Director at My Future Living says, “As the research indicates renting is no longer something just for the young, and we’re finding more older people are making a lifestyle choice to downsize and rent in a retirement community in later life.
“It is an affordable way to move to popular retirement hotspots, such as the southern coastal regions, without buying another property and all the expenses that come with that such as stamp duty. People can also invest any capital from their home or use it to enjoy their retirement years.
“Renting in a retirement community also means people don’t have to fear being asked to leave by the landlord as most come with assured or lifetime tenancies. This is often what sways the final decision to rent as it offers the same security of tenure as owning a home – provided people stick to the terms of their agreement.
“For many older people renting is no longer perceived negatively, rather it’s seen as a viable lifestyle choice for those that want to downsize, move somewhere new and live in a friendly and sociable retirement community.”
One lady enjoying the social side of retirement living community is 77 year old Jean Wray, who sadly lost her husband two years ago to Covid. The couple who were married for over 40 years, decided to move from North London to Seaford in East Sussex four years ago for a quieter way of life and to be close to the sea.
Jean, previously from Harrow, North London rents a one-bedroom apartment at retirement development Homeshore House in Seaford on an assured tenancy and says that renting in retirement is the best decision they ever made.
Jean says, “It was a great decision to move and now every day I enjoy stress-free living.”
Jean thrives on the social aspects of retirement life. She particularly enjoys helping to organise social events for residents in the development including bingo evenings, garden centre visits, pub lunches and golden oldies film afternoons.
Jean says, “I love being part of the community and helping get those who want to socialise to get out and about. We also have a communal greenhouse where we grow and share all our produce with each other. It’s a lovely way to get out, keep busy and meet new people.”
When asked about renting in retirement, Jean says, “We used to own a lovely house but maintaining it was getting harder. We also wanted to free up some money so we could help our son with a deposit for his own place. I now have a worry-free life and if something needs fixing it’s sorted very quickly, with no stress.”
She concludes, “I would highly recommend renting in retirement. It’s a fantastic way of life with no worries. What’s not to love?”
My Future Living has apartments starting from £650 per calendar month, such as a one bedroom at Kings Gardens which is five minutes from Honiton high street in Devon.
Standing in the south-east of the county it is surrounded by rich farmland, charismatic villages and many miles of country footpaths.
The rent includes maintenance and service fees. The development benefits from landscaped gardens, a communal lounge to socialise in plus a 24-hour emergency alarm system in each apartment and an onsite manager on duty.
To find out more about renting a home in a retirement development in 2023 visit: www.myfutureliving.co.uk
[i] https://www.paragonbank.co.uk/blog/the-middle-aged-tenant-surge