18^th Feb 2018

There is a rising trend that many home owning retirees are opting to sell their 'homes' to live in rented properties to enjoy its many benefits, according to a company that specialises in retirement rental properties for the 55 plus age group.

It claims that many retirees are downsizing to rented properties so they can release their capital from the sale of their 'home' to enjoy their money and or invest it elsewhere.

Between 2012 and 2016 the company reports that the number of retirees and older people moving into rented 'homes' increased by 13%, and according to an industry association there are now more than 200,000 retired renters.

The main causes for this sizeable shift of retirees opting to rent are it is increasingly harder to find suitable smaller properties to buy, higher maintenance costs for existing homes and having or wanting to move nearer their family.

Gillian Girling of the retirement rental specialists, said: “Increasingly we see a growing number of older people downsizing to rent in purpose built retirement developments, especially if they are granted the security of an Assured Tenancy, which provides the same security of tenure as home ownership,”

She does point out that there are considerable positives for renting.

She added: “If people have a property to sell they can then invest the equity or use it to supplement their retirement income."

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