A new survey has revealed that there has been a sizeable increase in the number of people looking to rent a property during their retirement years.
Retirement rentals specialists Girlings Retirement Rentals believe more pensioners are looking to rent during their later years due to the benefits that renting brings.
Investment
The firm reports that a larger number of older people are seeking to downsize and subsequently sell their homes in order to rent. This enables them to release capital and use this to invest in their future.
Peter Girling, chairman of Girling Retirement Rentals, said, ‘retirement is a fresh start and a chance for people to move somewhere they’ve always dreamed of living. People come to us because we offer apartments on assured tenancies enabling them to stay as long as they want and not worry about having to leave until they chose to. Renting also frees them up from the financial burden of property ownership and maintenance, which can be a worry in later life.’[1]
In addition, the National Landlords Association reports that the number of private renters in the UK has risen by 13% since 2012 to hit roughly 220,000.
More people of retirement age looking to rent
Hotspots
Girling Retirement states that top hotspots tend to be in seaside locations towards the south of England. Typically, these regions offer the best weather and a better quality of life.
According to Girling Retirement, the top ten most popular places to rent a property in later life are:
- Bournemouth
- Poole
- Ferndown
- Brighton
- Weymouth
- Bristol
- Clevedon
- Great Yarmouth
- Paignton
- Reading
[1] https://www.landlordtoday.co.uk/breaking-news/2016/7/sharp-rise-in-retirement-rentals