Renting offers a new route to financial security in retirement

Retirement rental specialist says predictable costs, flexibility and community are becoming increasingly important as later-life housing changes

After being given one month’s notice on her former home, Sandra Tuson found a secure retirement rental near her daughters and became the heart of its social community

When the privately rented home Sandra Tuson was living in was put up for sale, she was given just one month’s notice to move.

The unexpected upheaval prompted the 70-year-old, originally from Hampstead in North London, to look for a more secure long-term home. Three years ago, she moved into a one-bedroom apartment at Hedingham Place in Essex through retirement rental specialist My Future Living.

Sandra said: “I feel they did me a favour because I found My Future Living, and I couldn’t be happier with where I am now.”

Her experience comes as the number of UK households aged 55-64 living in privately rented accommodation has risen by 82% since 2008, according to analysis by the Sky News Money team[i].

The increase points to a significant shift in later-life housing. Although home ownership remains the norm among today’s retirees, growing numbers are approaching retirement without the mortgage-free property traditionally associated with later-life security.

The English Housing Survey 2024 to 2025[ii] found that 79% of households in England whose household reference person was aged 65 or over were owner-occupiers. However, the rise in private renting among 55- to 64-year-olds suggests future generations of retirees may have very different housing needs.

For Sandra, renting is not a second-best option. She values having a home that suits her long-term needs, together with the reassurance of living close to her two daughters and the support of a welcoming community.

Financial predictability is also important now that she relies on her pension. Knowing her regular household costs allows her to budget with greater confidence, without worrying about unexpected property repair and maintenance bills.

Sandra said: “I like knowing that I’m in control of my pension and my outgoings. If something breaks or needs repairing, I don’t have to worry about unexpected maintenance costs.”

The community at Hedingham Place has become an important part of Sandra’s retirement. She is now the development’s social organiser and regularly arranges activities for residents, including fish and chip evenings, pub lunches, cream teas, cheese and wine evenings and film nights.

She said: “There’s a wonderful community here. There are lots of people around for support, but everyone also respects each other’s privacy.”

She added: “I would recommend renting in retirement. I’ve told all my friends about it, especially those who are thinking about downsizing, and I always tell them about the benefits of renting.”

Joanne Couch, Director of Finance and Operations at My Future Living, said: “Sandra’s story shows why renting in retirement can be a positive and deliberate choice. What began as an unsettling change led her to a secure home near her family, a supportive community and greater confidence over her monthly finances.

“An 82% rise in private renting among households nearing retirement is a clear sign that later-life housing is changing. For decades, the expectation has been that people will enter retirement having paid off a mortgage, but that will not be the reality – or necessarily the preferred option – for everyone.

“Renting can give older people the flexibility to downsize, relocate or move closer to family while reducing the responsibility of maintaining a property. What matters is that people have access to suitable homes, secure tenancies and clear, manageable costs.”

Retirement rental specialist My Future Living says housing providers and policymakers need to prepare for growing demand for good-quality, secure rental homes designed around older people’s needs.

It believes the growth in older renters should not be presented solely as evidence of declining home ownership. With suitable properties and appropriate protections, renting can offer security, independence and community in later life.

Three years after the unexpected notice that prompted her move, Sandra has no regrets. She has a secure home, more time with her family, a close-knit community – and a busy social diary.

For more information, visit www.myfutureliving.co.uk.