propertytalk Live! - Growth in number of ‘retirement renters’ as appeal of homeownership wanes

propertytalk Live! - Growth in number of ‘retirement renters’ as appeal of homeownership wanes

The number of pensioners stepping off the property ladder to rent is growing fast according to retirement rental specialist, Girlings Retirement Rentals.

It reports that in five years, new enquiries have risen by 32% and the main attractions are rental affordability and the availability of life-time (assured) tenancies.

This growth in popularity of renting in retirement mirrors a general increase in renting in the UK. The English Housing Survey from Communities and Local Government reports this week that the number of households renting privately has increased by one million in the last five years and that one in six homes is now a private rental property.

In 2005-06, there were 2.4 million private rental households, which rose to 3.4 million in 2009-10.The private rented sector now accounts for 15.6% of all households in England, up from 14.2% in 2008-09 and 11.7% in 2005-06.

The affordability of renting is a big attraction for Girlings’ tenants. In a recent tenants’ survey nearly half said they are financially better off renting. 48% of people were former homeowners who sold their properties to release capital and invest it before renting a property through Girlings. They are now enjoying greater financial freedom with only monthly rents to meet, as maintenance costs and additional services, including a 24 hour Careline and the presence of a House Manager on site, are included in the rent.