10 Reasons Oklahoma City Seniors Choose To Rent
Mar 13, 2018
If you are currently a Tapestry resident, you’ve already made the decision that renting is a better option for you than home ownership. And you’re in good company! More and more seniors are choosing renting over owning their own home these days—and for good reasons.
The number of senior renters has grown dramatically across all income levels in recent years. In fact, a new analysis of US Census Bureau data shows that seniors are actually the fastest growing segment of the country’s rental population!
Between 2009 and 2015, the number of renters 55 years and older increased by 28 percent. At the same time, there was only a 3 percent increase in renters 34 years or younger.
Renting Offers Seniors Many Benefits
Here are ten good reasons that seniors are choosing to rent:
1) Tap into your home equity
If you sell a home and become a renter, you can add the money you made from your home sale into your nest egg. This could significantly improve your retirement finances.
2) Quit worrying about the real estate market
Home values can plummet when the real estate market drops. This can be a worry for seniors who may have a high percentage of their net worth tied up in a property. When you sell your home and become a renter, you no longer have to worry about which direction the real estate market is heading and how long it would take to sell your home if you need to move quickly.
3) Lower your cost of living
When you no longer need to live close to the office, or close to the best schools, you can significantly reduce your cost of living. Sometimes just moving a short distance away can really reduce costs.
4) Downsize to a smaller place
Once your children have moved out, you just don’t need as much space or stuff anymore. It feels good to simplify! Read more about downsizing for some expert advice on simplifying your lifestyle.
5) Outsource home maintenance
Renters are able to have repairs and maintenance handled by someone else. Your landlord can be responsible for maintaining the property, appliance repair or replacement, lawn care, painting, snow removal, and on and on. Turning these chores over just makes life easier.
6) Need one phone call for repairs
Another thing that makes it easier to turn maintenance over to someone else? You no longer have to spend time searching for the right person for each job and gathering price estimates. Renters leave that worry to someone else with one phone call.
7) Gain flexibility
Renting gives you the ability to experience a new location without a long-term commitment. If you think you may want to live closer to children or grandchildren, renting will give you an opportunity to see if their location is a good location for you.
8) Find age-appropriate features
Renting allows you to select an apartment with amenities that allow you to live independently for as long as possible. For instance, Tapestry offers minimal stairs, convenient laundry facilities, handles in the shower, and close proximity to shops and restaurants within walking distance.
9) Feel safer
Renting in a complex can be safer than living at home alone. And if you rent in a senior community, you have a peace of mind that comes with better emergency response systems in place.
Seniors who live alone can become lonely and isolated, and that’s unhealthy at any age. In apartment living, you can become part of a community, while still being able to retreat to a private residence. Plus, most residential renting offers activities and entertainment which leads to less boredom.
More Seniors are Renting than Ever Before
Seniors are discovering that they no longer want or need a house with several bedrooms and a big yard. Stairs to climb and a yard to mow can become a real chore as you age.
For all the reasons listed above and more, the homeownership rate among seniors has been slowly declining over the past decade as they are increasingly opting to rent. And since the average baby boomer doesn’t turn 80 until 2026, this will only continue to grow.
Because of this trend, apartments are projected to be more and more in demand in the years ahead. Grand Tapestry at Quail Springs in Oklahoma City offers four floor plans, allowing you to right-size your living space to your way of life. Contact us to learn more.