Renting in later life a popular trend as older renters revealed as fastest growing group of renters

Releasing capital in a home and the growth of single person households are two of the drivers behind growing numbers of older renters, according to a new research from Paragon Bank, who highlight that the number of middle-age and later life tenants living in privately rented homes has accelerated faster than those under the age of 35 over the past decade[i].

Between 2011 and 2021, there has been a 110% increase in the number of households privately renting in England where the household lead was aged between 55-64, whilst those aged between 45 and 54 increased 50% and those aged 65 and over is up 38%.

Commenting on this research, Dominic Stead, Property Director at My Future Living said whilst some older people have always rented, there is a growing cohort that is choosing to rent in a retirement community in later life as its suits their circumstances.

Mr Stead said, “Home ownership has always been the pinnacle for most people but perceptions are changing and older people especially are recognising the benefits of renting. Releasing capital in a home for instance can boost people’s retirement income. Rather than having money tied up in bricks and mortar, they can use it to enjoy their retirement years.

“One of the barriers to renting has often been its seen as only temporary, but for those renting in a retirement community this isn’t the case. My Future Living properties have the option of assured tenancies, not common in the private rental sector, but these mean people don’t need to fear being asked to leave, as long as they stick to the terms of their agreement.

“Other benefits include being sociable places to live with communal areas and social activities organised, which for single people can be a real bonus, plus living in a more manageable sized property with no worries about property upkeep or maintenance.”

For one resident, 62-year-old Denise Birley, moving to a retirement development has transformed her life. She has been renting a one-bedroom retirement flat in a development called Homerose House in Southsea, Hampshire since July 2021.

Denise had never thought about moving to a retirement community as she felt too young, but when she left a 35-year relationship she needed somewhere to live. Renting was the only option for her. She found the flat at Homerose House and fell in love with it immediately.

Denise says, “The flat was freshly decorated with new carpets, it was light and airy and a great size – I knew I’d be able to manage cleaning it. It wasn’t too far from where I had been living previously so I knew the area and my three daughters are not too far away. When I walked in it just felt like home straight away.”

As Denise was living alone for the first time, the most important thing for her was to feel safe and secure. The development has a house manager on site during the day and an emergency pull cord in each flat. Denise quickly embraced living on her own and has made lots of friends, even needing to buy a diary to keep track of her social life.

She says, “One of the best things about moving here is I’ve met lots of new people. The development also organises events like coffee mornings which I go to. Even going to the laundry room means I meet people for a chat, so I never feel lonely. I feel I’ve got my life back and can enjoy the rest of the time I have happily.”

An area that is popular with retirees is the coastal town of Southport, close to both Liverpool and Manchester. Expert Pension Claims^[ii] last year named Southport as one of the best places in the north for retirement experiences. The Sunday Times Best Places to Live judges^[iii] also included the resort in their top ten places to live in the North West in 2020.

My Future Living has several properties in Southport currently available including a one bedroom apartment on the first floor of Homesands House situated near the fabulous shopping at Lord Street. The rent is from £675 per calendar month (pcm).

Another one bedroom apartment at Homeport House is also conveniently located for the main shopping area of Lord Street and Hesketh Park. The rent is from £675 pcm. There is also a one bedroom apartment at Homechase House which is in Birkdale, a quiet town on the coast just two miles from Southport. The rent is from £775 per calendar month (pcm).

These purpose built retirement developments have a 24-hour emergency alarm system in each apartment and an onsite manager on duty. They have shared lounges and gardens to socialise in, plus events and activities are organised that people can join in with if they wish.

To find out more about renting a home in a retirement development visit: www.myfutureliving.co.uk