Why downsize and rent in retirement living this spring?
Posted 27th March 2023
Choosing to Rent in Retirement
Spring is a time for change and new beginnings.
For older people thinking about moving or putting their house on the market, now is a good time to consider renting in a friendly retirement community to enjoy all the benefits this can offer.
Rightmove[i] reported that increasing numbers of buyers are returning to the market with 2023 starting much better than many expected. This is positive news for those keen to downsize and move into a smaller home. Recent research from Hargreaves Lansdown[ii] shows that one quarter of people said they planned to downsize their home in retirement.
Dominic Stead, Property Director at My Future Living said:
“Downsizing and renting in a retirement development is an increasingly popular choice. It’s an affordable way to live independently in a sociable community with similar aged neighbours. This encourages friendships with plenty of opportunities for an active social life.”
“Other benefits include living in a more manageable size property, freeing people up from the upkeep and maintenance of a home, plus there is a 24-hour emergency call system in each apartment. Most retirement properties are available on assured (lifetime) tenancies so people can stay in their home as long as they wish, provided they keep to the tenancy terms.
“People essentially have the same security of tenure as ownership. This can be the biggest pull and often changes how people view renting. Choosing to rent instead of buy also gives people capital to use in retirement, plus no stamp duty which can add to moving costs when buying in more expensive retirement locations.”
A Customer’s Story
One retiree who hadn’t previously considered renting, is Glyn Jones. He is in his 70s and lives in Ida Court, a charming retirement development for the over 60s in Woolston, close to Southampton. The development is close to shops and amenities, buses to the city centre and a five minute walk to the train station.
He says, “I was a bit taken a back at first about how attractive the area, the development and gardens are. There are only 14 apartments at Ida Court so it looks more like a mansion block and has a really nice outlook. I am in a one bedroom apartment on the 1st floor which has a lovely alcove I can sit in and look out of the window.”
One of the benefits for Glyn, who lives alone, is the community element of living in a retirement development. He has become good friends with his neighbour who is 93 and regularly socialises with the other residents in the communal lounge and gardens. He also gets weekly visits from an old friend and they go out visiting local places and attractions.
“I’m really happy living here. I can’t believe my luck in having such a fantastic apartment. I hadn’t considered renting in retirement before moving here, but I highly recommend it, especially for those downsizing from a larger home like my neighbour did. The community is really nice and I’m hoping I will stay here for a long time.” – Glyn Jones
[i] https://www.rightmove.co.uk/news/content/uploads/2023/02/Rightmove-HPI-20th-February-2023-Final.pdf
[ii] https://theintermediary.co.uk/2022/12/a-quarter-of-people-plan-to-downsize-home-in-retirement/
[iii] https://www.pensionbee.com/blog/2020/october/best-places-to-retire-in-the-uk