Posts with tag: retirement rental property

Renting in Retirement could Boost Finances and Social Life for Retirees

Published On: January 28, 2019 at 10:03 am

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Categories: Tenant News

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As people get older, their housing needs change. A family house can suddenly seem too big, too expensive to maintain or the stairs may become too tricky to manage. For these reasons and more, downsizing can make sense. Growing numbers of retirees are now deciding to rent their new homes…

Research from the Centre for Ageing Better reported that 414,000 older people now rent from a private landlord, which is up from 254,000 in 2007. It predicts that, by 2040, a third of those aged over 60-years-old could be living in private rental housing.

Girlings Retirement Rentals has recorded a year-on-year increase in the number of enquiries from retirees wanting to downsize and rent in retirement developments.

The benefits include the fact that the apartments are designed with older people in mind, they are located in secure, purpose-built developments, there is an on-site manager, and there is a ready-made community of similar aged people, providing social opportunities.

Gillian Girling, the Chief Executive of Girlings Retirement Rentals, says: “Last year, we saw a rise in the number of reservations. One of the reasons for this growth is the fact we offer assured tenancies for tenants, which gives them security of tenure for life if they choose – essentially the same level of security as homeownership.

“Most retirement developments are in convenient places, with good transport links, and shops and doctors’ surgeries close by. Renting also gives people financial freedom. They can budget a fixed amount of rent per month and, as there are no additional maintenance and service charges to pay, there are no surprise bills.”

Dorothy decided to rent an apartment in Hedingham Place, a retirement development in Sible Hedingham, Essex five years ago to be close to her children and grandchildren.

Since moving in, Dorothy has surprised herself by making strong friendships, including with Phil, who she met in the communal sitting room. Dorothy had been talking about Enfield in north London, where she used to live. It turned out that Phil had lived there, too, and they discovered that they had both lived in Norfolk, were avid Arsenal fans and even spent their honeymoons in the same hotel on the Isle of Wight!

Dorothy and Phil have since become firm friends. They have enjoyed spending time with each other’s families – Dorothy’s family has welcomed Phil, while Dorothy has travelled with Phil to Cambridgeshire to visit his daughters. Dorothy’s son even treated the pair to a trip to Emirates Stadium as a birthday surprise, as they are both such supporters of Arsenal Football Club.

Dorothy says: “Since moving into my Girlings apartment, I’ve been lucky enough to discover this wonderful friendship I never thought I’d find again. Phil and I have led similar lives and we like the same kind of things.”

Dorothy and Phil run a weekly bingo session in the lounge on Tuesdays, and enjoy regular activities and trips, including an annual Christmas dinner, as well as weekly coffee mornings and television afternoons in the lounge.

Dorothy rents on an assured tenancy, and says that she is there for life.

She adds: “There’s a lovely atmosphere here and everyone is easy going, and we all adore the development manager, who is very helpful. The location is great, we have everything we need in the vicinity, including a Co-Op over the road, and the minister of the local church often pops in and has coffee with us. I’m very happy living here.”

Gap in the Market for Retirement Rental Property

Published On: September 11, 2012 at 2:31 pm

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Categories: Property News

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Gap in the Market for Retirement Rental Property

Gap in the Market for Retirement Rental Property

The amount of people renting in the UK remains higher and higher, and the percentage of owner-occupiers is falling. This could mean there is a growing requirement for rental property aimed at over 65-year-olds.

In the past, it was common for people to have paid off their mortgage by the time they were retired, however, with the overall amount of renters increasing, it is expected that elderly people without their own home will also rise.

Retirement Rentals’ Peter Girling believes that there is a need for more rental accommodation aimed at older tenants.

He says: “The private rental industry has struggled to meet demand and there is a major shortage of quality private rental homes; this shortage is particularly acute in terms of housing for the elderly.”1

This shortfall could be a welcome opportunity for landlords who target older people. Properties with easy access and adaptations, such as handrails, will allow the elderly to live independently for longer.

Some older people, as well as renters who have never owned a house, can rent out their existing property and use the income to rent a smaller and cheaper retirement property.

Elderly people may benefit from living in retirement communities that are built specifically for them. Landlords could also adapt properties they already have to make them more appealing to older tenants.

Traditionally, private renting has been common amongst young people, but now, more and more families and older people are renting, and landlords should seek to target these potential tenants.

1 http://www.justlandlords.co.uk/news/Gap-in-the-Market-for-Retirement-Rentals-1407.html