Knight Frank forecasts a 150% increase in senior rental properties in the UK over the next five years, driven by the UK’s ageing population and attracting more institutional investors to the sector.

The figure is quoted by My Future Living, a retirement rental brand, which cites additional research from Scottish Widows showing that 30% of people expect to rent in retirement.

Chris Carter Keall, chief executive of My Future Living, says: “Renting in a retirement community is becoming popular, both for lifelong renters and those looking to downsize and free up capital. Older adults want more than just a home – they want lively communities that offer independent living but with access to a social life with similar aged people.

“Our properties offer maintenance-free living in welcoming developments where residents can build lasting friendships. Being part of a community in later life enhances wellbeing and helps combat loneliness, especially for those living alone.”

Developments usually have communal lounges and organise social activities, such as coffee mornings and local outings. Most of the brand’s properties also include a 24-hour careline and an onsite manager, plus lifetime assured tenancies

The company claims one of its biggest advantages to tenants in protecting from eviction.