Rental communities are a popular choice for seniors who want to move into retirement living but aren’t ready to commit to a buy-in model that requires an upfront fee. They also offer more flexibility if your needs change in the future.
Unlike traditional homes, rentals typically include many services and amenities in the monthly cost. It provides residents with financial stability and eliminates unexpected expenses.
No Upfront Fees
Many seniors who live in a rental retirement community gain freedom by removing the need for home maintenance and investing in their real estate. Many of these communities also provide all-inclusive amenities that amplify the enjoyment of the golden years.
Often, these communities include social activities that help retirees cultivate new friendships. This way, they can reduce their chances of isolation, a leading contributor to poor health.
Many senior rental communities, like The Villas offer assisted living and memory care on their premises, allowing for an easy transition if a resident needs more assistance. While these options can add to the cost of living, they do not require a large up-front investment. Rather, they are paid for on a month-to-month basis.
No Long-Term Contracts
One of the biggest benefits of a rental-only retirement community is that you don’t have to sign a long-term contract. It means you can stay for a little or as long as you like.
Most rental communities offer independent living apartments and may have on-site assisted living and memory care options. However, they often stop short of providing on-site skilled nursing care or other forms of long-term care.
In contrast, life plans and CCRC communities typically ask residents to commit to living there for the long haul. They charge an entrance fee that is sometimes partially or fully refundable to the resident or their estate. They also assess a monthly payment that can rise as the resident’s needs increase. Those fees can add up quickly.
You Gain Freedom and Flexibility
Renting in retirement can make a big difference in your quality of life. You’ll have more time to spend on the things you love to do, whether it’s visiting friends or pursuing hobbies like traveling or learning a new skill.
You’ll also enjoy more financial flexibility because you’ll save money on property taxes, homeowners insurance, and maintenance costs. Instead, you’ll have one monthly rental fee that includes everything.
It can also give you the peace of mind to know that if your health changes, you won’t be required to drop a large buy-in deposit and move out. You can renew your lease to enjoy life in your luxury community. You could even relocate to a different area in the same community.
You Still Reap All the Benefits of Living in a Community
Developers are responding to this trend by designing communities that offer a combination of living options. Residents who choose to rent their homes still benefit from freedom from homeownership responsibilities, plus access to many of the same benefits of community life, such as socialization opportunities and amenities like dining, sports, art instruction, wellness classes, day trips, and more.
Living in a community also means being surrounded by a friendly and supportive group of peers who share your interests, goals, and hobbies. Studies show that spending time with friends makes you happier, and having an active social network can help lower stress levels.
You May Not Need to Access Your Retirement Funds
The decision to sell your home can be a complicated one. It can also be costly if you need to pay real estate and property taxes and deal with the hassle of finding a new home.
Renting in a retirement community gives you all the benefits of homeownership without those risks. It can also save you money. You’ll likely spend less on a monthly rental fee than an average mortgage, insurance, and maintenance costs.
Renting in a retirement community can feel like a rebirth, allowing you to explore your passion projects or revisit your old favorites. And many communities are designed with upscale amenities you’d only find at a resort. It’s a great way to get more out of your retirement years.