Attitudes towards renting have shifted dramatically in recent times. Once thought as little more than a stepping stone to homeownership for young people, the benefits that renting offers have resulted in a surge in popularity throughout every age range in the population. According to Statista, households occupied by private renters now make up over one fifth of total households in England – standing at an estimated 4.4 million private renters.
Whilst the number of private renters is without a doubt skewed towards the younger end of the spectrum, more and more older people are choosing to rent as they enter their 50s and 60s thanks to the plethora of benefits such a lifestyle has. According to figures from the English Housing Survey, almost 1.5 million people that are 65 and over are choosing to rent, with the majority to doing so by choice as opposed to being forced to. With that in mind, we thought we’d take a look at the benefits or renting later on in life!
One of the most popular reasons for people of any age choosing to rent is the flexibility it offers, and this is no different for older tenants. Short tenancies allow for those in rental accommodation to experience living in numerous different areas in the UK as opposed to staying in the property you own for the foreseeable future. It also allows people to test out various different property types and living arrangements with little commitments.
In addition to a new level of flexibility, moving into a rental property at an older age offers a number of financial benefits. First of all, if you’re a homeowner moving into a rental property, the sale of your home will free up capital. This capital can then be used for another form of investment, holidays, months away travelling or even as a gift for any children you may have. Selling your property and gifting money to your children ahead of time also ensure that they won’t be liable for inheritance tax – which can be a large amount at times.
As people get older, it can sometimes become more difficult to keep up with all of the odd jobs here and there around the house. These jobs can also often incur a hefty cost, but in a rental property, all of these maintenance issues can be passed on directly to the landlord or maintenance company. This will, in turn, save you time, exertion and money!
Moving into a rental property opens a plethora of new options in terms of the location in which you want to live. Property prices in prime rental hotspots are always higher and can often be unattainable, however renting allows for people to experience the joys of these places at an affordable price. Many rental hotspots are found in city centres, and after years of suburban living, plenty of older people see themselves gravitating towards some time in the centre once again. Renting in a city centre is a good way to facilitate this want at a cost-effective price and spend the capital you free up from selling your property to fund a dream city centre lifestyle.
And there we have it, just a handful of reasons as to why you should consider moving into a rental property as you get older. If you’re interested in moving into a rental property, then you’ve come to the right place.
Here at Intus Lettings we have homes of every type available across the country. Whether you’re looking for a three-bedroom house in the suburbs or a stylish inner-city apartment, you next home might be right here. Take a browse through out current available properties and book your viewing today!