There has been a rise in the number of people wanting to step off the housing 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.
The number of retirees and older people moving into rented accommodation increased by 13% between 2012 and 2016 with the number of retired renters having soared by more than 200,000, according to figures from the National Landlords Association.
The research suggests that a number of factors are swelling the number of older tenants, including higher property maintenance costs, difficulty in downsizing and the need for the elderly to move closer to other family members.
“Increasingly we see a growing number of older people downsizing to rent in purpose built retirement developments, especially if they are granted the security of an Assured Tenancy, which provides the same security of tenure as home ownership,” said Gillian Girling, chief executive, Girlings Retirement Rentals.
Girling pointed out that there are also “financial benefits” to renting.
“If people have a property to sell they can then invest the equity or use it to supplement their retirement income,” he added.