The Retirement Shift: less house, more life

More older homeowners are choosing to downsize and rent in later life – not just to ease financial pressures, but to enjoy a simpler, more fulfilling lifestyle.

Hamptons predicts that the number of households in England aged 65 and above renting their homes will double over the next decade from approximately 400,000 today, to over 1 million by 2033[i].

Joanne Couch, Director of Finance and Operations at My Future Living, the UK’s leading retirement rental brand, said: “Downsizing isn’t just about saving money; it’s about people gaining financial independence and a new lease of life. Whether people are releasing capital from the sale of a property or simply moving to a rental property that’s easier to manage, the result is often more time, more social connection, and greater peace of mind in retirement.”

“At My Future Living, we’re seeing more and more people choosing to downsize and rent in later life,” says Joanne. “It’s not just about money – it’s about making life easier and more enjoyable. People want homes that are low-maintenance and easy to run, with the bonus of living in a friendly community where there’s always something going on.”

Paul, a retired landscape gardener in his sixties, and his wife Lindsey, a part-time nurse, recently made the move. Previously renting on the private market, they were frustrated by rising rent, mounting maintenance, and the impact of Paul’s long Covid symptoms, which made managing their large Victorian house increasingly difficult.

“The cost-of-living crisis was pushing our rent up, and the upkeep was just getting too much,” Paul explains. “We needed somewhere cheaper and easier to manage.”

After searching online, they found a one-bedroom apartment through My Future Living in Hometor House, a retirement development in Exmouth — a dream location for Lindsey. The move has transformed their lifestyle.

“The flat is much cheaper to run,” says Paul. “It’s well insulated, so our energy bills are lower, and even our car insurance dropped thanks to the secure gated parking.”

They now rent on an assured ‘lifetime’ tenancy, offering long-term security and predictable rent increases linked to the Retail Price Index (RPI).

“Lindsey used to worry about rent rises,” Paul adds. “Now we know exactly what to expect – and that peace of mind is priceless.”

Life in their new home has also brought social benefits. “There’s always something going on – tea parties, bingo nights, coach trips – it’s brilliant,” says Paul. “And with less cleaning and gardening to do, we’ve got more time for walks, fishing, and using my electric bike. Having friends nearby means I’m never lonely, even when Lindsey’s at work.”

Looking back, the couple say downsizing has been life-changing.

“It’s worked brilliantly for us,” Paul concludes. “We love our new life, the community, and the freedom it brings. I would say to anyone, don’t be afraid to downsize – the benefits far outweigh the challenges. Plan your move, let go of what you don’t need, and enjoy a worry-free life in a welcoming community.”

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