According to the data, 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 by 50% and those aged 65 and over is up 38%.
Dominic Stead, Property Director at My Future Living, said that whilst some older people have always rented, a growing cohort is choosing to rent in a retirement community in later life as it suits their circumstances.
He explains: “Home ownership has always been the pinnacle for most people but perceptions are changing and older people especially recognise 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 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 this means 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.”
