Supporting Renting for Ageing Population
Posted 29th November 2023
The BBC and Inside Housing have been reporting on the difficulties facing private renters during retirement.
With the cost of living on the rise, disposable income for pensioners is on the decline, whilst rental rates are on the increase.
Interesting finds from a report by the National Housing Federation
- During the last 15 years, the number of over 55’s renting in the private sector has increased by 70%.
- 48% of over 65’s renting with private landlords are in the bottom 20% of household income.
- 48% of older private renters are also worried about getting into debt over the cost of living.
- 42% of older renters struggle to meet the cost of both their bills and everyday essentials.
- 49% are seeing a decrease in their quality of life due to activities they enjoy being too expensive with other living costs.
Capped Rent Rises by My Future Living
My Future Living was founded in 2021 and soon predicted this trend. The decision was taken to support and protect our retired community. To help to defeat the possibility of poverty during retirement, a rent increase was put in place. With some private landlords have increased rents of up to 20% in the last 12 months, any necessary rent increases with My Future Living have been capped at just 6%.
Moving can be a stressful and unsettling time. We offer most of our apartments with an assured tenancy. This means that you will not be asked to leave your home (as long as you adhere to the terms of the tenancy agreement). Moving is costly too, so by staying in your home as long as you wish will help to save on costs.
A government directive was announced in 2021. This stated that all landlords need to ensure their properties have an EPC (Energy Performance Certificate) of level C or below. This directive has now been pushed back to 2028. My Future Living is striving forwards to ensure that every apartment is as energy efficient, as soon as possible.
When you own your own home, and indeed, with many other landlords, the property maintenance is solely your responsibility. My Future Living supports their customers with maintaining their property. A summary of these is below:
|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
When renting in retirement with My Future Living, we will accept customers who receive Local Housing Allowance benefits. This means that you only need to find the remainder of the balance to make up the rent.
Supporting mental and physical well-being in retirement
Following a recent survey we conducted with our customers, a whopping 60% said that there had been a positive change in their mental health. In addition, 51% said that living in a retirement community made an improvement on their physical health.
We have emergency pull cords in every apartment in case of emergency and most communities have an on site manager.
Many of our retirement communities run their own activities, so socialising doesn’t need to cost the earth.
At My Future Living, we also have a Welfare Officer who is on hand to support customers and their family through any difficult times.