Retirement rentals; the future is now
Posted 6th February 2024
Renting in retirement is becoming more popular than ever
Choosing to live in a retirement rental is becoming a more popular choice. The changing landscape in the cost of living has forced evaluation on our outgoings.
The UK has habitually been a nation of homeowners but in the years since the pandemic, this has seen a shift towards renting and the trend is continuing.
As a nation, the average life expectancy has increased, along with better health. This is spurning an inclination to keep working past the state pension age.
My Future Living; Retirement Rentals
So, how are My Future Living supporting retirees rent in retirement? The heart of our business is our customer’s welfare. It is our aim to provide affordable flats to rent in retirement in retirement communities throughout the UK.
Improving the energy performance certificate rating
The government will introduce new legislation in 2028 that all rental properties meet this rating. We decided that this was important to the financial welfare of our customers and exceeded this date by some years.
Having this rating should help to minimise the expenditure on energy bills.
Minimising unexpected bills
My Future Living will support most maintenance issues that may arise in the retirement apartment. This is a major benefit to budgeting compared to owning your own property or renting with a private landlord.
A handy list is below to show who is responsible for maintenance and repairs:
|Blockages to toilets or sinks tenants have caused
|Changing light bulbs
|Batteries in doorbells
|Infestations including insects and vermin
|Sink and bath plugs and chains
|Broken windows (if damaged by the tenant)
|Dripping taps and leaks
|Faulty storage heaters
|Blown window units
|Water heaters and boilers
|Sanitary ware (basins, sinks, baths and toilets)
|Water, gas, electricity and sanitation and the equipment that has been installed for delivering these services
|Cleaning and maintenance of communal areas including the residents lounge, garden, laundry and carpark
|Heating and hot water installations
|Structure and outside of the buildings, including the roof and external walls
|Paths and steps to the building
|Shared facilities such as door entry system, 24 hour emergency call systems, rubbish areas and lift
|External window cleaning
Service charges and ground rent
As a landlord, My Future Living covers the services charges and ground rent.
The service charges pay for the maintenance and cleaning of the development, including the communal lounge and gardens.
Capping annual rent increases
In 2023 in London, rent increases saw an all time high, with rents being raised as much as 20%.
At My Future Living, we review rents annually. If they will increase, we capped the amount they can go up by at 6%. We aim that customers can afford to stay in their homes as long as they wish.
Along with the security of being able to afford the rent, My Future Living also offers assured tenancies. This aims to provide peace of mind that customers will not be evicted from the property, unless there is a breach to the terms in their tenancy agreement.
With retirement properties available to rent throughout the UK, where will you choose yours?