There has been a sharp rise in the number of people renting property during retiree age, according to the latest report from Girlings Retirement Rentals.
The firm has attributed this rise to alterations in attitude and perceptions to do with renting in the last decade. In addition, it points to the many benefits that renting in later life can bring.
Presently, households aged 65-plus account for roughly 10% of those living in the private rented sector. Girlings said that this figure is rapidly growing
There has been a steady growth in enquiries since the year 2002, with 2015 and 2016 seeing the highest levels of enquiries. 2017’s figures are set to improve further.
This trend is being backed up by the National Landlords Association which found that the number of retired people in Britain moving into the private rental sector has risen by 200,000 since 2012.
A separate study by LSL Corporate Client Department Ltd shows that nearly one in five people aged over 55 are now renting.
Number of retiree tenants is rising
Peter Girling, Chairman of Girlings Retirement Rentals, said: ‘For many people in their 60s, 70s and 80s renting is a lifestyle choice, as well as a financial one. Many don’t want the financial burden of home ownership or worries about property and garden maintenance. By selling their home and releasing capital to supplement their retirement they can enjoy themselves, gift an amount to their children or invest it.’
‘As people get older they can also find their current property is too big for them, or they feel isolated if they are left living alone. Renting can be a good solution for downsizing to a more manageable home, giving people access to services, should they need them as they get older and a social life that comes with living in a retirement community,’ he added.
Concluding, Mr Girling said: ‘Renting gives older people the chance to move somewhere they have always wanted to live, such as by the sea or closer to relatives. Coastal locations are the most popular places to rent for many people, with Bournemouth the number one requested place last year. Renting allows people the flexibility to try a new location before deciding if it’s right for them.’