An increasing number of over 60s are looking to sell up and rent in retirement, research shows.
According to the Centre for Ageing Better (CfAB), the number of over-60s renting privately has risen from 254,000 in 2007 to 414,000 in 2017. And it predicts about a third of people over 60 could be living in private rented accommodation by 2040.
The CfAB recently reported that not only had 200,000 older adults joined the rental market in the past four years, but “a growing number of older homeowners are choosing to sell up and rent in retirement”.
It suggests that many of them are downsizing from large family properties to a home that is more manageable.
Many are parents or grandparents who want to free up assets to help their family on to the housing ladder via the Bank of Mum and Dad. Others want to move closer to their family. For some, the motivation will be moving to a more desirable area.
Gillian Girling, chief executive, Girlings Retirement Rentals, said: “Most retirement developments are in convenient places, with good transport links and shops and doctors’ surgeries close by.
“Renting also gives people financial freedom. They can budget a fixed amount of rent per month and, as there are no additional maintenance and service charges to pay, there are no surprise bills.”