Fact or fiction – the truth about retirement renting
Posted 13th May 2021
Benefits of retirement renting
Located in dream locations – fact
When people retire, they often want to move to a location they have always dreamed of living. Whether that is on the coast, in a pretty market town or close to glorious countryside. We offer retirement developments in many different situations. There is bound to be one to suit most people’s retirement dreams.
Renting can be a more affordable way to move without the costs associated with buying such as stamp duty too. It also enables people to try a new area out and if they decided they don’t like it, they can move quicker than if they had to sell a home.
It’s easy to make friends and be sociable – fact
According to the charity Age UK, loneliness is a major issue that is now widely recognised in society today. They estimate there are 1.4 million chronically lonely older people in England and Wales. Living in a retirement community can help prevent social isolation and loneliness.
Renting in a retirement is the fastest growing section of the rental market. Freeing up capital from the sale of home gives you options. Allowing you to spend in retirement, you’ll have the flexibility to live where you want to. You can move on when you wish! Being part of a sociable and friendly community. These are just some of the reasons renting has become so popular in later life.
However, for those who have always been homeowners and have no experience of renting it can be a daunting prospect. Especially since there are so many myths surrounding renting. Here are some of the facts and fiction about retirement renting that might just surprise you!
It’s safe and secure – fact
Living in a retirement community is safe and secure. Most developments have door entry systems, which stops people wandering in. There is an on-site manager who looks after the development and checks residents are ok. In addition, there is a 24-hour Careline emergency alarm system in every apartment. This is a pull cord, button or personal pendant alarm to call for help. The residents can also look out for one another. This is one of the best things about living in a retirement community.
Pets are allowed – fact
There is a common misconception that you can’t have pets when you rent in a retirement community. This simply isn’t true. Many of our developments allow pets. If you have a dog or cat and are considering moving into a retirement development, talk to us. We can let you know which developments welcome pets.
The myths of renting in retirement
Renting means moving every few years – fiction
One of the benefits of renting in a retirement community is most of the properties offered by My Future Living are on an ‘assured tenancy’ or lifetime basis. This means people can stay for as long as they wish. This is different to the private rental sector where a ‘short hold tenancy’ is most common. Many people tend to think this is the only tenancy available; read more on assured tenancies.
An assured tenancy provides the same security of tenure as home ownership. It’s a big attraction for people considering renting for the first time.
You have to be retired to live in a retirement development – fiction
The word retirement implies you must be retired to live in one of our developments. In actual fact, this only refers to the age group of our residents. Most retirement developments accept people over the age 60. We also have some that cater for those 55 and above. This means that people can move into a retirement development whilst they are still working. This may help with the transition from working to retirement. People are already settled and established in a community when they come to retire.
Retirement communities are all about living independently but with like minded people close by to mix with should you choose to. Living in a friendly community is a big attraction for people to our retirement developments, especially for those living alone.
Most developments have communal lounges and gardens where people can socialise. Many also organise activities such as bingo and fish and chip dinners, or outings to nearby attractions, pubs and restaurants. There are plenty of opportunities to make friends and be as sociable as you wish! It’s also reassuring for people to have neighbours they can rely on.
It’s expensive to rent – fiction
This isn’t the case. We have affordable retirement rental properties to suit all budgets throughout the UK. Different locations will dictate the market cost to a degree, but we pride ourselves on offering affordable properties in some of the most popular retirement hotspots. What’s more, the service charge and property maintenance costs are included in the rent. This means it much easier for people to keep an eye on their monthly budget. As people usually have a set income in retirement this is an important consideration.
It’s like living in a care home – fiction
Retirement living has changed immensely over the past decade. Renting in a retirement development is just like renting anywhere else. We offer contemporary, attractive apartments in modern purpose-built developments that have been designed specifically for older people. They also have services people may need as they age and in areas where people can easily access shops and other amenities such as transport and leisure facilities.
So that’s it. A quick round-up that highlights some of the main benefits of retirement renting, which has hopefully cleared up some of the more common misconceptions. If you think renting in retirement is for you, please get in touch and we can answer any other questions you may have.