There has been a significant increase in the number of people renting homes when they retire, according to Girlings Retirement Rentals.
The property firm put the rise down to changing attitudes and perceptions to renting over the past decade, along with the various benefits renting in later life can offer.
Households aged 65-plus currently account for around 10% of all those living in the private rented sector, but the retirement rentals specialist says that the numbers are rapidly growing.
The firm reports a steady growth in enquiries since 2002, with 2015 and 2016 showing the highest enquiry levels yet. The company anticipates enquiries in 2017 will continue to remain buoyant.
This growing trend is backed up by research from the National Landlords Association which found that the number of retired people in the UK moving into the PRS has increased by 200,000 since 2012, while a separate study by LSL Corporate Client Department Ltd revealed that almost one in five people aged over 55 are now renting.
Peter Girling, chairman of Girlings Retirement Rentals, said: “For many people in their 60s, 70s and 80s renting is a lifestyle choice, as well as a financial one. Many don’t want the financial burden of home ownership or worries about property and garden maintenance. By selling their home and releasing capital to supplement their retirement they can enjoy themselves, gift an amount to their children or invest it.
“As people get older they can also find their current property is too big for them, or they feel isolated if they are left living alone. Renting can be a good solution for downsizing to a more manageable home, giving people access to services, should they need them as they get older, and a social life that comes with living in a retirement community.”
Girling continued: “Renting gives older people the chance to move somewhere they have always wanted to live, such as by the sea or closer to relatives.
“Coastal locations are the most popular places to rent for many people, with Bournemouth the number one requested place last year.
“Renting allows people the flexibility to try a new location before deciding if it’s right for them.”