Greater choice in later life housing is critical if the ageing population is to be able to live independently in their own home for as long as they wish. Choice of tenure is part of that equation, including renting on an assured tenancy in a location of your choosing, writes Gemma Vincent of My Future Living.
Once perceived as second best to home ownership, renting is fast growing in popularity amongst older people who are finding renting in a retirement community can be a great option for them in later life.
Releasing capital in a home and the growth of single person households are two of the drivers behind growing numbers of older renters, according to recent research from Paragon Bank, who highlight that the number of middle-age and later life tenants living in privately rented homes has accelerated faster than those under the age of 35 over the past decade[i].
Between 2011 and 2021, there has been a 110% increase in the number of households privately renting in England where the household lead was aged between 55-64, whilst those aged between 45 and 54 increased 50% and those aged 65 and over is up 38%.
For older renters, renting in an affordable and friendly retirement community, can offer many benefits, including releasing capital in a home to boost their retirement income.
People are living longer and are experiencing better health, so want to use this time to travel, take up new hobbies, spend time with family or even working part-time. Instead of having to spend time on the up keep of a larger home including maintenance and cleaning, downsizing and moving to a retirement community can mean more time to spend on other activities.
Other benefits of renting in a dedicated development include renting on an assured tenancy, something not common in the private rental sector, but which means people don’t need to fear being asked to leave, as long as they stick to the terms of their agreement. Retirement communities can also be really sociable places to live too, with communal areas and social activities organised, which for single people can be a real bonus.
Another aspect of renting is that you can “upsticks” to a different part of the country if you wish – either to be somewhere close to family or to an area close to the sea or countryside. For instance, Expert Pension Claims[ii] last year named Southport as one of the best places in the north for retirement experiences. The Sunday Times Best Places to Live judges[iii] also included the resort in their top ten places to live in the North West in 2020.
My Future Living offers retirement rental properties throughout the UK, including in several friendly retirement developments in and around Southport. These tend to offer great value when compared to more southern seaside towns with rents starting from as little as £675 per calendar month. Most are available on assured “lifetime” tenancies.
The properties are designed for independent living, but there is a 24-hour careline in every apartment for reassurance and a development manager onsite. The monthly rent includes services and maintenance.