Retirement living brand My Future Living experienced a 48% rise in enquiries for retirement rental properties and a 35% increase in the number of lets between July and December 2022, compared with the same period in 2021.
This follows a national trend which has seen a 110% increase in the number of households privately renting in England between 2011 and 2021 where the household lead was aged between 55-64; and up 38% for those aged 65 and over[i].
The firm, which launched in July 2021 to offer age exclusive retirement rental properties in the UK, expects strong demand to continue in 2023 as more people recognise the benefits of renting in retirement and has added new properties in England to meet demand.
Dominic Stead, Property Director at My Future Living said: “Since launching the business, we’ve seen growing interest from people that previously owned a home who have decided that renting is more suitable for their circumstances in later life. Many want to live in a property that is smaller, easier to manage and in a friendly and safe community.
“Renting enables people to free up capital from the sale of a home to use in retirement and they no longer need to worry about property maintenance. Our properties are all about independent living within a retirement community, with communal areas to socialise, a 24-hour careline in every apartment, as well as a development manager to support residents and run the building.
“The icing on the cake is that our properties come with assured tenancies, which means people can stay as long as they want (provided they stick to the terms of their agreement). This gives people reassurance that they don’t have to keep moving if they choose to rent and gives them the same tenure as home ownership.
“Our rents are affordable, include ground rent, services and maintenance costs, plus our properties are located in desirable retirement locations. We’ve recently added properties in some lovely locations including the southern coastal town of Littlehampton, the picturesque town of Arundel in West Sussex and the small market town of Alsager in Cheshire.”
My Future Living has a one bedroom first floor apartment in The Mews in Littlehampton for £975 per calendar month. This is a lovely small development of just 15 flats within an easy stroll into the town centre.
Or there is a one bedroom apartment at Martlets Court, located just a few hundred yards from Arundel’s historic town centre at £925 per calendar month, and a studio in Priory Lodge, West Wickham for £950 per calendar month.
Other new properties include apartments in Healey Court in Warwick, (pictured above) Homeshire House in Alsager and Reddleman House in Sturminster Newton in Dorset.
Other benefits of moving into a retirement development through My Future Living include a 24-hour emergency call system in each apartment and an onsite manager on duty. They have shared lounges and gardens to socialise in, plus events and activities are organised that people can join in with if they wish.
To find out more about renting a home in a retirement development in 2023 visit: www.myfutureliving.co.uk