There has been a sharp rise in the number of over 60s renting privately, according to new research from the Centre for Ageing Better.
The study found that the number of older people privately renting has increased from 254,000 in 2007 to 414,000 today, and this rising trend looks set to continue, with a third of people aged over 60 expected to be living in private rented accommodation by 2040.
This increase in older renters is a trend noted by Girlings Retirement Rentals. Earlier this year, the company reported 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.
Gillian Girling, chief executive of Girlings Retirement Rentals, said: “We’re receiving more enquiries from retired people looking to downsize from a family home and rent a manageable sized apartment in a specialist retirement development. Such developments are designed for older people and most come with assured [lifetime] tenancies.
“One of the biggest attractions of later life letting with Girlings is that we let properties on assured tenancies, rather than the usual assured shorthold tenancy in the open market. The Assured Tenancy provides the security which enables people to remain in their properties for life, if they choose. Renting can make financial sense too, allowing people to use the capital from a home sale to invest, gift or spend. With renting, they also don’t have to pay any property maintenance costs.”