My Future Living, a leading retirement rental specialist, has unveiled new research that delves into the lifestyle priorities of retirees and the factors influencing their decision to rent in retirement communities.
Conducted amongst a diverse group of individuals aged 55 and above, all living in retirement developments through My Future Living, the survey revealed some fascinating insights:
Enhanced Social Activity: A third of retirees reported an increase in their social engagement since moving into a retirement community.
Financial Concerns: The cost of living emerged as the top concern among retirees, followed closely by health and funding their retirement years.
Improved Finances: Nearly a quarter (23%) experienced an improvement in their financial situation after moving into a retirement development.
Positive Mental Health: 60% experienced improved mental well-being after moving to a retirement community.
Enhanced Physical Health: Half of the participants (50%) reported improvements in their physical health since becoming residents.
The survey shed light on the core priorities for retirees, with the following themes resonating the most:
- Maintaining an active lifestyle
- Building new social connections and fostering a sense of community
- Spending quality time with family
- Pursuing lifelong learning and expanding knowledge
- Devoting more time to hobbies and interests
When asked about their preference for renting in a retirement development over buying, respondents said that the security of tenure was the number one reason to rent in a retirement community as it provides them with reassurance they can stay for as long as they choose.
The survey also found that renting is viewed as a cost-effective option compared to property ownership and another attraction is the lack of worry about maintenance bills, repairs, and property upkeep.
Additionally, the survey showed that a significant portion of respondents (32%) had sold their property before transitioning to rental living, with 42% intending to use the released capital to improve their retirement living standards.
Dominic Stead, Property Director at My Future Living, remarked, “Our latest customer survey demonstrates the crucial importance of maintaining an active social life and being part of a community as individuals age. Moving into a welcoming retirement community addresses this need, leading to increased social engagement and improved mental health. One of the key challenges for retirees is the enduring impact of rising living costs. Downsizing and renting in retirement developments offers a solution, enabling people to free up capital from the sale of a home while providing the security of an assured tenancy. We expect more individuals will consider this option to make the most of their retirement years.”
To learn more about My Future Living, please visit www.myfutureliving.co.uk.