Older renters can beat rental price hikes by choosing to rent in a retirement development
Rightmove[i] has reported that the national average asking rents outside London have reached a new record of £1,190 per calendar month (pcm). Its latest Rental Price Tracker data shows that prices are even higher in Greater London at £2,501 pcm and rents have been rising since 2019.
However, there are more affordable options for those 55 and older, says Dominic Stead, Property Director at retirement rentals brand My Future Living.
Stead said currently retirement apartments through My Future Living are on average £886 pcm for a long term assured tenancy, with no additional service charges or ground rent.
He said: “For older renters or those considering selling up and downsizing, renting in a retirement community can offer a more affordable option than the private rental sector. Other benefits are that most of these rentals are on an assured tenancy basis, which means providing people stick to the terms of their tenancy, they can stay as long as they want without the fear the landlord will kick them out. This makes renting in a retirement development a far more secure and permanent option, which is not always the case when renting privately.
“Older people often don’t want to move again so this is a real bonus and many enjoy living in a sociable community of similar aged people rather than living alone in a neighbourhood. Retirement properties are open to people aged 55 and over, and we have tenants who are still working who want to make the transition to retirement easier. By moving earlier in their lives, they meet new people and feel part of a community, so when they finish work the change is not so much of a shock. With rental prices only heading one way now because of the lack of availability, those who decide to rent in later life can make considerable savings by choosing a retirement apartment.”
One example is 67 year old Trevor Worrell who downsized to rent a one-bedroom flat in retirement development Marlowe Lodge in Croydon and now feels like he has finally found a community where he belongs.
After taking early retirement aged forty from his job as a technician officer for London Underground, Trevor stayed living in Clapham for many years so he could be close to his father. However, after 30 years, he felt it was time to slow life down and move to a smaller place which did not need so much maintenance.
He made the decision to relocate and rent an apartment at Marlowe Lodge, a retirement development in Croydon. Trevor says: “I am so happy here it suits me well. There are 24 of us at the development and we all know each other very well, which means there is always a friendly face around and I feel like we have got our very own little community.”
In the summer months, the residents of Marlowe Lodge gather in the beautifully landscaped gardens, around the oversized table for drinks and use the lawn for games of croquet.
As a single man, Trevor enjoys the company of the other residents. He says, “There is always something going on and I never feel like I live here on my own. We have film night and fish and chip night in the communal lounge every Friday.”
Trevor enjoys the benefits of an assured tenancy which gives him peace of mind as he has protection from eviction and can stay in his home for as long as he wishes (providing he sticks to the terms of his tenancy) but the freedom to give the required notice and leave at any time if he chooses to.
Trevor adds: “I do not have any plans to leave Marlowe Lodge as I feel happy and settled. This place ticks every box for me plus I feel like I have my friends around me and the communal lounge is a lovely welcoming place to sit and chat to whoever is passing. “
To find out more about renting a home in a retirement development visit: www.myfutureliving.co.uk