As more retirees are choosing to rent in later life, later-living providers Lifestory is reacting to demand
The number of privately rented properties in the UK dedicated to retirees is forecast to rise by 160 per cent in the next five years, according to Knight Frank’s Senior Living Annual Review.
Later-living providers like Lifestory, which comprises the Pegasus and Renaissance brands, have recognised this trend and is moving toward providing more rental choice through mixed-tenure and rental-only options.
Across the Lifestory portfolio, private rentals are increasing and its Steepleton development in Tetbury is proving popular with 60 per cent of the community choosing to rent rather than buy.
“Traditionally renting has been associated mainly with the under 40s but that dynamic is changing,” says Mike Gill, Regional Managing Director at Lifestory.
“The right rental properties, built for later living, and the flexibility that goes with renting means demand is growing in our later living portfolio, with Steepleton being a clear example of this.
“Whether it’s being able to retain the family home, the ability to move in quicker and become part of the community, freeing up capital to keep options open or simply not wanting to be tied to one choice, renting in later life is increasingly being seen as the right opportunity, keeping all options open, including to buy at a later stage.”
Lifestory has launched Lifestory Choices in response to rental demand offering Choice Flex and Choice to Buy.
Choice Flex allows you to rent a home for as long as you wish. Choice to Buy means you can move in and enjoy life with the option of buying your home at a later date.
Your rental fees are refunded if you purchase within the initial nine months.
With the availability of private later living homes set to rise from almost 5,000 to 13,000 by 2024, the number of home movers who make that choice looks set to increase.
Lifestory rental members enjoy all the benefits of the lifestyle available to homeowners at Steepleton including access to all the facilities including an on-site restaurant, wellness spa, gym, an owners’ lounge and, of course, a sociable community.
“Moving at any stage of life is up there with the most important decisions we make,” Mike adds.
“Lifestory’s assured tenancies are providing the flexibility and security which customers are enjoying as well as a maintenance free life.”
Steepleton enjoys an enviable location nestled in the heart of The Cotswolds.
For more information, please visit Lifestory.
Rental prices at Steepleton, Tetbury start from £1500 pcm.