Increase in people relocating in retirement will fuel demand for retirement rental properties in 2022
Almost three-quarters of adults want to relocate in retirement according to a survey from Age Co, part of charity Age UK[i]. Towns in Dorset, Cumbria, Yorkshire and Cheshire are the top retirement hotspots. With 2022 just around the corner, retirement rentals brand My Future Living predicts next year could be busier than ever with people moving after pent up demand due to COVID-19.
Nygel Scourfield, Chief Executive, My Future Living, said, “Many people’s lives have been on hold since the pandemic and now they want to get on with their lives. For those recently retired that may involve moving home to a fresh location to enjoy their retirement years.
“We expect more demand from older people looking to move and rent in retirement communities in 2022, as it can be an affordable way to move to a dream area and reap the benefits of living in a community of people. The pandemic showed the value of having close neighbours and people living alone especially can really benefit from living in a sociable community.”
Renting in retirement is becoming popular. Research by Paragon Bank[ii] found there has been a 118% surge in 55 to 64 years-olds renting and a 93% rise in those over 65 renting over the past decade, as pension incomes wane and later life divorce becomes more common.
Benefits of renting include no longer worrying about the upkeep and maintenance of a home and the social aspects of living independently but having shared areas such as a communal lounge for mingling with friends. In most developments, the apartments have an emergency Careline cord or button, plus an onsite development manager on site during the day.
One resident who discovered the joy of renting in retirement is 71 year old Glyn Jones who moved into Ida Court, a development for the over 60s in Woolston, near Southampton in early 2021. He had been living with his long-term partner in a bungalow she owned, but when she developed Alzheimer’s she went into care home as Glyn was unable to look after her.
Glyn explains, “I had a bit of a nightmare as I had to leave the bungalow I was living in when she was taken into a care home. I was desperate to find somewhere and luckily My Future Living helped me find the apartment in Ida Court which I was really grateful for.”
Glyn is from Southampton but has always lived closer to Southampton city, across the Solent. Woolston is on the opposite side and a new area for him but he has been pleasantly surprised by the area and the apartment.
He says, “I was taken aback 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 bed apartment on the 1st floor which has a lovely alcove so I can sit in and look out of the window.”
Glyn is himself living alone for the first time in many years and really enjoys 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.
Glyn adds, “I’m really happy here. Although I had never considered renting in retirement, I highly recommend it, especially for those that want to downsize from a larger home like my neighbour did. The community I’m living in is really nice and I’m hoping I will stay here for a long time.”
My Future Living has retirement properties to rent in developments throughout the UK, including many popular retirement places. In Dorset they currently have a one bed apartment in Restharrow in Bournemouth to rent from £795 per calendar month (pcm) on either a shorthold tenancy or assured ‘lifetime’ tenancy.
In Cumbria they have a one bedroom apartment in Kent Court in Cumbria to rent from £625 pcm on either shorthold tenancy or assured ‘lifetime’ tenancy, and in Yorkshire they have a one bedroom apartment in Homegarth House in Leeds to rent from £675 pcm on either a shorthold tenancy or assured ‘lifetime’ tenancy
To find out more about renting a home in a retirement development visit: www.myfutureliving.co.uk
[i] https://www.thisismoney.co.uk/money/pensions/article-9224411/The-five-best-UK-towns-retirement-2021-revealed.html
[ii] https://www.thisismoney.co.uk/money/buytolet/article-8884541/Number-retired-renters-doubles-decade.html
