An ageing population is driving an increase in households renting, with new analysis by Paragon Bank[i] revealing that over half of homes in the private rented sector are anticipated to be headed up by someone over 45, up from around a third today, plus over four in five (81%) of renters aged 55 or over believe they will still be renting in 15 years.
They also highlight what is important to older renters, with nearly half (48%) of those aged 55 or over saying that being close to shops was in their top three priorities, along with good transport facilities, being close to friends and family and proximity to health services.
According to Jamie Turnbull, Business Director at retirement rentals brand My Future Living this echoes what they are witnessing with a growing number of older people choosing to rent a home in a retirement development in later life – a trend expected to continue.
A recent report from the Centre for Ageing Better[ii] says today there are almost 11 million people aged 65 and over – 19% of the total population. In 10 years’ time, this will have increased to almost 13 million people or 22% of the population.
Jamie says, “Renting is a popular choice for older people, especially homeowners who want to downsize after retiring. Renting in a retirement community offers several benefits including the chance to free up capital in a home and move to a smaller property where they don’t have to worry about maintenance, as this is included in the monthly rent. Being part of a sociable community is a big attraction too, plus developments are usually located in convenient locations for shops, transport and health facilities. The majority of retirement rental properties are available on assured ‘lifetime’ tenancies, which give the same security of tenure as homeownership. This means renting can be a viable option, especially for those who have never rented.”
Dutch-born retired stockbroker, 77 year old Diederik (Rik) Schmull, decided to rent in a retirement community after moving out of London. He rents a two-bedroom apartment at Homecove House in Westcliff-On-Sea. He previously owned a flat in the Barbican, but sold it in anticipation of returning to Amsterdam and moved into a rented flat. However work commitments kept him in London and after he retired, he decided to stay in the UK.
Rik wanted to move out of the city and looked for a retirement community close to the sea.He explains, “I was still busy with meetings and events in London, so I wanted to be close enough to get there easily. Homecove House is ideal. It’s close to the beach and there are lots of amenities around but I can get into London in an hour. It’s the best of both worlds.”
Rik was attracted to renting in a retirement community because it’s flexible, so he could quickly move back to Amsterdam if he wanted, plus the assured tenancy means that as long as he sticks to the terms of his agreement he can live there for as long as he wishes.
He says, “The assured tenancy is a real benefit. Having rented a few places on shorthold tenancies before, I ended up having to move twice at fairly short notice. I didn’t want that to happen again, especially as I’m getting older. Having the security of tenure that I can stay as long as I want is really reassuring.”
Rik also enjoys being part of a community and has made friends with people in the development. This was comforting during the Covid-19 lockdowns and he never felt isolated or alone. He highly recommends renting in a retirement community.
“For me it’s worked out really well and I’m very happy. It’s all about independent living but with the reassurance there is help available should you need it. They do keep an eye on people especially those that live alone. Old age comes to us all and at some point it’s a sensible choice to live in a retirement community,” he adds.
My Future Living has a one bedroom apartment with balcony available in Homecove House, Westcliff-On-Sea for £950 per calendar month. The development is situated on the seafront, close to shops, amenities and the train station. The town is situated in a beautiful position on the Thames Estuary within easy reach of the peaceful Essex countryside and London.
Another available coastal property is a one bedroom apartment at Havenvale in Clacton-On-Sea for £795 per calendar month. Clacton-on Sea is a traditional seaside resort and one of the east coast’s most popular destinations, with an award winning beach, pier, beautifully maintained gardens and a leisure centre.
For those wanting to live close to a large city, My Future Living has a one bedroom apartment available at Redwood House in Northenden, just five miles from Manchester for £695 per calendar month. Northenden hosts a twice-weekly farmers market and has plenty of local amenities, as well as giving easy access to the bright lights of Manchester.
All rents are on an assured tenancy and include services and maintenance. Developments have communal facilities including a communal lounge where social events and activities take place and gardens, plus a 24 hour emergency call system in each apartment and an onsite Manager who oversees the development during the day.
To find out more about renting a home in a retirement development and other available properties visit: www.myfutureliving.co.uk