Changing Perceptions: Older renters are the fastest growing group of renters
Posted 6th September 2022
Renting in Retirement | A Growing Trend
Once perceived as second best to home ownership, now renting is growing in popularity particularly amongst older people. Retirees 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. They 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 people’s retirement income. Rather than having money tied up in bricks and mortar, people can use it to enjoy their retirement years, which for lots of people can be a significant proportion of their life.
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 means more time to spend on other activities.
Other benefits 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 are really sociable places to live too, with communal areas and social activities organised, which for single people can be a real bonus.
One area that is proving very popular with retirees is the coastal town of Southport, close to both Liverpool and Manchester. 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.
We offer 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, giving the same security of tenure as owning a home.
Our 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.
[i] https://www.lettingagenttoday.co.uk/breaking-news/2022/7/middle-aged-now-fastest-growing-demographic-in-private-rental-sector
[ii] https://northernlifemagazine.co.uk/revealed-the-best-places-for-retirement-in-the-north/
[iii] https://www.lancs.live/whats-on/whats-on-news/best-towns-villages-live-north-18034305