Older individuals are now choosing to rent in their retirement
A rising number of retired Brits are finding that due to the increasing price of property across the UK, it makes more sense for them to rent luxury retirement apartments instead of buying them.
When the media discusses the idea of ‘Generation Rent’, it often conjures up images of millennials and members of ‘Generation Z’ becoming trapped in rented accommodation due to the inability to find the money to place a deposit on a house of their own.
However, in recent years a new trend has emerged in the world of rental properties, and that is the increasing number of older individuals choosing to rent instead of buying a place to retire.
Many baby boomers were lucky enough to have spent their working life at a time within the 20th century where wage levels and sold house prices increased at a similar rate. As a result, the investments they made and savings they gathered earlier in life have, for the majority, afforded them a comfortable retirement without having to rely on a state pension.
This level of financial comfort, however, is still not enough for them to afford their dream homes near the sea – so they are choosing to lease rental apartments long-term as an alternative.
While this may seem a little odd considering that most younger individuals can’t afford any home, let alone a dream house on the coast, there appear to be a number of advantages for those who choose a rental retirement.
Firstly, many of the new ‘hotel quality’ luxury apartments offer their clients 24-hour security, along with communal areas that offer restaurants, club rooms, salons and gyms – facilities most of us could only dream of. Even more impressive is the fact that all utilities, maintenance fees, and the on-site concierge service are all included in the monthly rental cost.
There is, unfortunately, a down side as a result of this trend for those looking to sell their house fast. The rising number of baby boomers who are choosing to rent instead of buy, are slowly but surely, reducing the number of prospective buyers in the market with the necessary financial reserves to buy – the knock-on effect of which is that vendors’ homes are losing value and are relying on only the younger generations to buy their homes. But as we are all aware, many younger people are struggling to keep their proverbial heads above the water to merely sustain an average quality of life.
So, what can these vendors do if they wish to sell? An increasing number of sellers are discovering that they do not necessarily have to rely on a private buyer to move on with their lives, and can instead call on the services of National Homebuyers, who will happily provide a competitive quote for their home, along with the promise of a quick completion.
Can’t find a buyer? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.