The Rise in Older Renters
A growing number of people over the age of 65 are choosing to sell their homes and move into rented accommodation.
The number of retired renters soared by 200,000 between 2012 and 2016, and this trend looks set to continue. There are many different reasons for the rise in older renters; here are some of the main ones.
They Want to Release Equity
Many people decide to sell their home to release equity to fund their retirement. As health improves for older people, they often want to travel and experience things, which can be funded by selling a house. It could also be used to help their children get on the property ladder as people are living for far longer now. It also might be easier to avoid costly inheritance tax penalties. Growing care costs are also a concern for people and having money in the bank to pay for this in the future can be a wise move.
They Want to Move to a More Expensive Area
Often older people want to move to a nicer area for retirement or move close to their family who have chosen to settle elsewhere. Some people have always wanted to live by the coast or in the countryside where property prices are high. However, a high monthly rental rate can be affordable. After selling their family home, moving into rental property can be a great option. Renting through an established lettings agent means that any worries about insecurity can be abated and often they can find a rental property that suits their needs better. After retirement, many older people wish to be involved in culture, arts or volunteering and living somewhere close to these opportunities, such as in the city centre is often easier for renters.
They Don’t Want the Hassle of Homeownership
Though homeownership is aspired to by many, it does come with several responsibilities and potential issues. Maintenance, home repairs, redecoration and renovation can all be costly and a lot of effort for people, especially as they get older. Large family homes, especially older properties can be hard to maintain so many older people are choosing to move to rented modern apartments. Compared to maintaining a large house, renting can be relatively stress free, with a landlord in charge of any repairs or issues. A new build property that is managed by a professional management company can be ideal for older people. New or recently renovated properties like those by RW Invest are providing great opportunities for property investors to make the most of this new market of older renters.
Their Current House is Unsuitable
As people get older their needs often change to a point where their current home isn’t suitable anymore. Stairs can become difficult, as can taking a bath and cleaning a large house. There are certain things that you can do to convert a house into an age friendly one but often a new property is much more convenient. Landlords who make adaptations and incorporate features that will help older people are finding a growing demand. Often a one floor studio style apartment can be much more convenient and provide a better living space for the elderly. Lift access is essential if the property is higher than the ground floor and smooth surfaces that don’t provide a tripping hazard are too.