Retirement rental specialist Girlings says the phenomenon of later life renting is growing in popularity.
It says independent research from Paragon Bank has revealed that over the last decade, the number of English households in the 55 to 64-year-old age category in the private rented sector with an Assured Tenancy has risen by 118 per cent.
The reasons were that 68 per cent of over 55s said renting suited their needs or they enjoyed renting, and 63 per cent said they were pleased they don’t have to worry about repairs.
Jamie Turnbull, Girlings’ business director, says renting in retirement offers several benefits, including no longer having to worry about ongoing property maintenance and giving people a safe and secure living environment.
“As people age their housing needs change. Many want to live independently but also be part of a community of people so they have likeminded people to socialise with. They also want to feel safe and secure with people around them should they ever need help.
“Renting in a retirement development can offer all these benefits. It also enables people to downsize from a larger home to somewhere smaller and more manageable, releasing capital in a home if they own it. Most of our properties come with assured tenancies too so people have the same security of tenure as home ownership.
“Renting can also be an easier way to move to somewhere new without the commitment involved with buying a home. Many people want to retire to popular retirement hotpots such as by the sea or close to lots of amenities.”