Why renting is becoming an affordable and popular choice for retirees

Downsizing and renting in retirement can enable people to have the lifestyle they want and save money on the upkeep of a property and other bills, according to new retirement rentals brand, My Future Living.

Zoopla[i] found rental demand in 2020 was up by 20% compared with 2019 and demand was amongst the greatest for the over 55s.  This year Paragon Bank[i] has revealed that over the last decade, the number of English households in the 55-64-year-old age category in the private rented sector with an Assured Tenancy has risen by 118%.

Downsizing and renting can help people finance a comfortable retirement and keep within a budget without any surprise maintenance costs. This is a good thing as living costs in retirement can be expensive. A recent Which? survey[ii] highlighted that a two-person household need an average annual income of £26,000 for a comfortable retirement, or single people £19,000. For a luxury lifestyle that includes holidays, expensive meals out and a new car every five years couples will need an annual income of £41,000.

My Future Living specialises in good quality and affordable retirement rental apartments located in modern purpose-built developments for people aged over 55 years old. Rents start from as little as £550 per calendar month for a one bedroom apartment in Morecambe.

Nygel Scourfield, Chief Executive, My Future Living said, “We’re seeing growing numbers of people choosing to sell their family home and rent in retirement. This enables them to free up capital rather than just leaving it in bricks and mortar, which people can use to enjoy the retirement they have dreamt about.

“Renting can be very affordable as the monthly rent includes services and maintenance costs. Living in a retirement community can also mean cheaper energy bills too.  Our properties are designed for independent living, but there is a 24-hour careline in every apartment for reassurance and a development manager onsite.

“We offer assured tenancies that come with the same security of tenure as home ownership – people can stay in their homes for as long as they choose, providing they stick to the terms of the tenancy. There is also a real sense of community in the developments with many opportunities for people to socialise and make friends.”

My Future Living is offering a lovely one bed apartment to rent on the third floor at All Saints Court in the quaint rural town of Market Weighton in East Yorkshire for £595 per calendar month.

They also have a south facing retirement apartment with stunning views over communal gardens in Bower House on the Wirral for £595 per calendar month. This is a lovely development attached to an old manor house and surrounded by woods and gardens (above).

In the South, there are three apartments in Ashdown Gate in East Grinstead, West Sussex from £785 per calendar month, including one on the ground floor with views over the gardens.

All rents include services and maintenance and are available on long term assured tenancies or short-term tenancies. The developments also have communal facilities including a communal lounge where social events and activities take place and gardens.

To find out more visit www.myfutureliving.co.uk