According to Girlings, a specialist rental provider, more and more people are deciding to rent when they reach the twilight of their years.
This curiosity has slowly grown over the past decade, seeing the 55 to 64-year-old age category in the private rented sector with an Assured Tenancy rise by 118 per cent, based on research from Paragon Bank.
Contradicting what many would consider to be the expected norm for people of this age group, research showed that 68 per cent of over 55s stated renting suited their needs or they enjoyed renting. Not having to worry about repairs was another attractive benefit given by some 63 per cent.
Jamie Turnbull, Girlings’ business director, said: “As people age their housing needs change. Many want to live independently but also be part of a community of people so they have like-minded people to socialise with. They also want to feel safe and secure with people around them should they ever need help.
“Renting in a retirement development can offer all these benefits. It also enables people to downsize from a larger home to somewhere smaller and more manageable, releasing capital in a home if they own it. Most of our properties come with assured tenancies too so people have the same security of tenure as home ownership.”
Industry experts also believe this relatively new phenomenon appeals to older people because it’s often a lot easier to move to somewhere new when there’s no commitment to owning a property.