There has been a notable increase in the number of people wanting to step off the property ladder and rent in retirement because of the various benefits it offers, according to retirement rentals specialist Girlings Retirement Rentals.
The company report that an increasing number of older people are looking to downsize and sell their homes and rent as it enables them to release their capital and use it to invest in their future.
“Retirement is a fresh start and a chance for people to move somewhere they’ve always dreamed of living,” said Peter Girling, chairman, Girlings Retirement Rentals.
“People come to us because we offer apartments on assured tenancies enabling them to stay as long as they want and not worry about having to leave until they choose to. Renting also frees them up from the financial burden of property ownership and maintenance, which can be a worry in later life,” he added.
According to the National Landlords Association, the number of retired private renters in the UK has grown by 13% since 2012 to around 220,000.
The retirement hotspots generally tend to be seaside destinations in the south of England, where people get the best weather and a good quality of life, according to Girlings Retirement.
Girlings says that the 10 ten most popular places to currently retire are:
8) Great Yarmouth