A recent survey has revealed that there has been a surge in inquiries about downsizing from retired homeowners.
According to the findings, over-65s say they will consider downsizing in the next five years with the need to save money the biggest reason for selling, followed by the desire for a more manageable home.
Other reasons included moving to a more suitable retirement area and boosting retirement income. However, the survey also revealed that three-quarters of estate agents believe there is a shortage of homes for retired people to move to.
There is a solution – and that is to rent. More retirees are choosing to downsize and rent because of the many benefits it can offer.
Over the past decade, we have seen growing interest in renting in retirement as it allows people to free up capital in their home, move to a smaller more manageable property and not have to pay when purchasing a home.
The main barrier to renting has always been short term tenancies that don’t provide long term security for people. This isn’t the case with apartment communities as it is in single or multi-family homes, so people have security of tenure.
Apartments are designed for independent living but with the added benefit of being part of a community and being able to get involved in social activities with neighbors.
There are many benefits of renting in retirement. Renters do not have to worry about any property upkeep or maintenance, as this managed by the management company. The right apartment communities are safe and offer amenities and beautiful grounds.
Financially it makes sense too. Renters can budget effectively every month.