Those aged over 60 in private rented accommodation has shot up from 254,000 in 2007 to 414,000 in 2017, according to the Centre for Ageing Better. The CAB believes that by 2040, a third of people over 60 could be renting.
So what is attracting so many retirees to rent? We’re glad you asked…
- For a growing number of retirees, it is a lifestyle choice rather than “needs must” and property maintenance is cited as one of the main reasons for selling up and renting. When you rent, the landlord takes on responsibility for fixing or replacing roofs and boilers and all other repairs. Properties with large gardens also become a burden when we get older as the maintenance can be too much
- Downsizing – the struggle to find a suitable home to downsize into; the need to be close to family
- Releasing equity to help children and grandchildren onto the property ladder
- Other factors influencing a later life shift to the rental sector include more relationship break-ups, which force the sale of a home
Flexibility – it is easier and quicker to move if you are a tenant