New Generation of Retirees Choosing to Rent
With just two per cent of UK housing designed specifically for older people, the pressure is on to build more affordable and high-quality housing options for our ageing population.
Now, alongside purchasing outright, customers have the choice of renting and part buy, part rent options across a range of our one and two bedroom Retirement Living and Retirement Living Plus developments in the UK.By providing the ability to rent one of our new build apartments, it not only provides a practical alternative to help tackle the shortage but will also give our customers the power to decide what the right choice is for them.
Geoff Bates, Head of Marketing for McCarthy Stone’s Southern division, said: “The search for different options about where and how to live as we age is leading to a growing interest in renting in retirement.
“The decision to rent as opposed to buying outright can be fuelled by a number of reasons. They can include not wanting to be ‘burdened’ with another mortgage in later life, the strong desire to release all or part of the equity from a current property, or simply the need to be able to move quickly, perhaps due to circumstances. Renting means our customers can be settled into their new home with the minimum of fuss.
“It is very much a personal choice”, Mr Bates continues. “Rental removes some of the most common barriers to downsizing as well as providing a more affordable alternative. It also affords the customer the flexibility that if their needs were to change in the future, they are not tied into anything long-term.”
All About Customer Choice
Alongside the new rental options, we also offer part buy, part rent, across a number of our luxury apartments. It’s completely up to the customer and their personal circumstances as to what choice is made.
Mr Bates continues: “For the first time when a customer shows interest in one of the select developments they’ll be able to pick their apartment of choice with the help of the Sales Consultant; after which it’s up to them to decide how they would like to move, whether they want to purchase outright, to rent, or to part buy, part rent.
“With so many ways of being able to afford the apartment of your choice, the process of moving to a retirement community is much simpler and more accessible than it has ever been; and this can only be a good thing for our customers, and for society as a whole.”
McCarthy Stone estimates that by providing suitable options for older people to move to, 2m bedrooms currently being under-occupied by older people who want to downsize could be freed up for families and younger people entering the market.
Research by the Centre for Ageing Better also suggests that within 20 years, a third of people aged over 60 could be living in private rented accommodation.
Choosing To Rent In RetirementIf a customer chooses to rent, an Assured Tenancy offers the benefit of long term security while only requiring a 12 month commitment. Two months’ notice can be served after 10 months.
In Retirement Living developments a single monthly payment gives customers access to all the benefits of a McCarthy Stone lifestyle. This includes the landscaped communal gardens and a social lounge where you can meet up with new friends and likeminded neighbours for a coffee and a chat. It also covers additional support services including a dedicated House Manager who oversees the day-to-day running of the development, ground rents and service charges.
At Retirement Living Plus developments they also stand to benefit from the on-site restaurant or bistro and access to tailored domestic support and care services.