My Future Living, the leading retirement brand, is proud to announce significant growth in enquiries for the first quarter of 2023, as more people are considering renting in retirement to reap the benefits of freeing up capital from downsizing and living a maintenance-free life.
This follows the latest Tenant Survey by Knight Frank focusing on the ‘underserved senior living market’, which is projected to reach 55.2bn this year. The report also suggests an increasing demand for rental properties for the over 65s, indicating this market is gaining traction.
Dominic Stead, Property Director at My Future Living, commented, “The Knight Frank report highlights growth in demand for retirement properties as the needs of elderly individuals are currently unmet. As the UK’s population continues to age, renting will become increasingly popular, particularly with a greater number of developments being built exclusively for retirees who prefer to rent.”
Over the past three months, My Future Living has experienced its strongest growth in enquiries and believes it is because renting can be a fantastic lifestyle choice, particularly for those who wish to downsize and unlock capital from the sale of their homes. It is also an excellent option for those looking to join a friendly and sociable retirement community with neighbours of a similar age and with shared interests.
The Knight Frank survey found that affordability to be a large factor as to why many live in the private rented sector, with 17% of respondents saying they don’t have enough money for a deposit to purchase a property. It also found that living in a central location was key with 75% stating that it was important their retirement village was close to the town centre.
Dominic Stead added: “Affordability and location are priorities for our tenants, but people also like being maintenance free and having more control over their monthly budget with no surprises. Our properties are ideally located in developments that are close to town centres with shops, transport links and the amenities people need to have access to. Renting in a retirement development can offer peace of mind too, as we offer long term protected rental contracts, the developments are very secure and there is a 24-hour emergency alarm system in each apartment and an onsite manager on duty, with a community of people close by. As people age this is really reassuring. Renting can suit people’s circumstances better in later life and as demand increases, we expect more people will opt to rent.”
My Future Living currently has a large one-bedroom retirement apartment available at Homebank House close to the heart of Oxton on the Wirral for £675 per calendar month. The development offers a communal lounge which is an ideal place to socialise with other residents, or enjoy the well-maintained gardens, plus there is a lift, laundry facilities and guest suite for visiting family and friends.
In Southampton a one-bedroom apartment at Lake House is available to rent at £750 per month. Lake House is an attractive development set in beautiful communal gardens with views over Freemantle Park and the upper reaches of Southampton Water. It’s located just a short distance from the shops and a wealth of entertainment options including theatres, museums, galleries, shopping centres, impressive architecture and the harbour.
Apartments are available on an assured ‘lifetime’ tenancy, which means people can stay as long as they wish, as long as they keep to the terms of their lease. All developments benefit from landscaped gardens, a communal lounge to socialise in plus a 24-hour emergency alarm system in each apartment and an onsite manager on duty.
To find out more about renting a home in a retirement development in 2023 visit: www.myfutureliving.co.uk