Many seniors today choose to work beyond their 67th birthday, requiring a home that transitions into the next stage of their life when they are ready to fully retire.
Renting offers retirees the opportunity to downsize. Retirees may not need a large house with extra bedrooms and living spaces for children or growing families. Maintaining a larger home could also be tedious and unnecessarily time-consuming. Alternatively, renting gives seniors the option of finding a smaller home, which could lead to savings on heating and cooling costs.
Retirees can also find a place that better transitions with them as they age, something their current home might not offer. Many senior apartment communities offer single-level spaces with “age-in-place features” like handrails and roomy showers, which could otherwise be expensive to install.
Without the long-term commitment of a mortgage keeping them in one place, retirees can more easily explore new neighborhoods or cities that interest them. They can also move without the stress of selling a home if they decide to move closer to family and friends, or to an assisted living community later in life.
Retirement is a time to relax and prioritize what’s important. Living in an apartment makes it easier by eliminating the need for property maintenance, from lawn care and snow shoveling to home repairs. Renting not only removes the physical demands of these tasks, it also returns time and money that can be better spent on travel, family, leisure, and other joys of retirement.
Renting also offers security to retirees. Neighbors and community staff are close enough to be on the lookout and can alert others to health or safety emergencies. Having a nearby community to trust helps put tenants, friends and family at ease.
Apartment communities also offer personalized amenities like community rooms and outdoor spaces, allowing residents to be active without having to travel far from their front door. For retirees who like to go out, or just don’t want to venture far to shop and eat, there is the option of choosing a community with easy access to shopping and entertainment.
The rental comes with the added benefit of an integrated community, offering opportunities to socialize. With the ability to make friends and explore new hobbies, retirees can stay connected and feel a strong sense of involvement and belonging.
Retirement is an important chapter in life, as transitions and new possibilities take center stage. The great benefits of rental housing can help retirees make the most of this hard-earned time.
Robert Pinnegar is president and CEO of the National Apartment Association, based in Arlington, Virginia.