New Year, new rented home for retired community

Renting property in retirement on an assured tenancy basis is gathering momentum, according to Girlings Retirement Options Limited. The market leader in private retirement rental accommodation has seen a 40% increase in the number of reservations from January to November 2006, compared to the same period in 2005.

Peter Girling, Chairman and founder of Girlings commented: “As we begin a new year, the retired population, like most of the UK adult population, will be reminiscing about the past year, evaluating the decisions they have made and making plans for the future. Renting in retirement is now a viable option because of assured tenancies, which unlike other rental contracts, provide security of tenure for life.”

He added: “We are expecting a huge demand for our services this year. The expected increase can be attributed to more people recognising the financial benefits of renting in retirement on an assured tenancy basis.”

There are also social benefits to be gained from renting in retirement. For instance, when Mrs Sybil Smith, as she was then, decided to downsize from her home in Cambridge, she did not expect to find her second love in a retirement development.

Having lost her husband in 2000, Sybil (then 72) wanted to move from their large family home to a more secure and manageable retirement property. She had not previously considered the option of renting in retirement, but after seeing Girlings' apartments for rent and learning about its assured tenancy rental contracts, she soon realised the benefits of renting instead of buying.

After selling her home and investing the capital, Sybil moved into a one-bedroom flat in Cambridge in the summer of 2001. She settled into the development, meeting new friends and enjoying the freedom from the burden of owning a property. By November of that year, Sybil had met Leonard Clarke (70), a retired accountant who lived across the hall. The pair developed a strong relationship that was cemented when Sybil fell ill in 2002, and Leonard looked after her.

The couple were married on 19 June 2004 and they have been living happily in the Girlings flat ever since.

Peter Girling, Chairman and founder of Girlings concluded: “The majority of apartments are purpose built so tenants can enjoy an easy and convenient way of living. Renting on an assured tenancy where the monthly rental rate includes maintenance and ground rent costs makes financial planning easier for our tenants and provides them with the peace of mind that they have a home for life. Moreover, rental prices are guaranteed to increase only with the Retail Price Index and are capped at six per cent, making renting in retirement a much more stable option.”