There has been a sharp rise 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 firm reports that a growing number of older people are seeking to downsize and sell their properties and rent as it offer them greater flexibility in retirement.
“Renting in retirement is becoming a lifestyle choice for lots of older people who choose to downsize from the family home, freeing up capital for investment or to spend on their retirement or family,” said Gillian Girling, chief executive of Girlings Retirement Rentals.
“Renting can help people budget better with no surprise bills, as maintenance and service charges are included in the rent,” she added.
According to the National Landlords Association, the number of retired private renters in the UK increased between 2012 and 2016 by 13% to around 220,000.
A previous report by Girlings Retirement suggested that retirement hotspots generally tend to be seaside destinations – particularly in the south of England, where people get the best weather and a decent quality of life.