It should be no surprise that renting is becoming an increasingly popular option in retirement
Research from the Centre for Ageing Better found that the number of people renting property aged 60 plus increased from 254,000 in 2007 to 414,000 in 2018.
And in 2020 This is Money reported a staggering 118 per cent increase in the number of 55- to 64-year-olds renting compared to 10 years ago.
Retirement Villages Group (RVG) found that 65 per cent of people they surveyed in 2019 said they would prefer to rent to remove the worry of property maintenance, while nearly half said it gave them more flexibility.
We, in the UK, are inherently a nation of homeowners with many older people thinking that renting is something only young people do.
But all that is changing.
More and more older people are discovering that renting can provide huge benefits – including greater financial freedom and flexibility.
RVG provides some advice to those thinking of renting and dispels some myths along the way.
Myth 1: Renting is only for short-term or temporary accommodation
Try and find an Assured Tenancy when you’re considering somewhere new to live in your retirement.
Assured Tenancies, also known as Lifetime Tenancies, offer the security of a tenure like home ownership.
RVG offers Assured Tenancies which can be from one to 12 months on a fixed term basis, offering peace of mind and a flexible contract designed to suit you.
Myth 2: Tenants are vulnerable to rising costs
RVG aims to be as transparent as possible about what you need to pay so you can accurately predict your monthly outgoings and remain in control.
With an Assured Tenancy agreement there’s no unexpected rises in rent, so you can rest assured your rent will remain the same throughout your letting period.
Obviously you need to check what costs are included in the rent and budget for those that are not. You also need scrutinise your rental contract carefully.
Myth 3: If you’re renting, you’re never really part of a community
Tenants renting within RVG villages have the same access to facilities as homeowners.
Each village offers a range of facilities and services from bars and restaurants to wellness centres and allotments, as well as a variety of clubs and activities to suit all interests, from walking to table tennis.
Tenants can also join their village’s Residents Association and help to organise social events and outings, along with managing the funds allocated to them.
Michael Rapinet, who is in his eighties, is a retired judge who currently rents at Thamsfield Village, Henley-on-Thames.
After losing his wife during Covid, he started looking for a new place to call home and settled on Thamsfield Village. Michael describes the village as a “truly lovely place to live with a remarkably friendly atmosphere” with everything he needs for a peaceful and carefree retirement lifestyle.
Michael chose to rent because he’s a keen traveller and loves the flexibility enabling him to go away at any time and not worry about his property. He also doesn’t have to face the worry of selling his home should he decided to move elsewhere.
RVG is offering those who sign a rental agreement before 31st March 2023 a discount of up to £7,500 on their monthly inclusive charge.
This could be up to a whole two months’ rent paid for.
For more information visit here.
