The benefits of renting in retirement are numerous. It allows seniors to invest their savings and enjoy freedom from the hassles of homeownership, such as a mortgage, insurance, and maintenance.
In addition, rental senior communities offer a range of services and amenities for one monthly fee. Unlike Life Plan Communities with their refundable entrance fees, rentals are month-to-month.
Affordability
Affordability is a top reason many seniors choose senior living rentals as their retirement home. When you rent an old apartment, you don’t have to worry about paying for house maintenance and property taxes, which frees up your budget to enjoy other activities and indulge your passions.
Most rental communities offer Independent Living options and on-site caregiving support for Assisted Living and Memory Care. While life plan CCRCs often require an entrance fee, some don’t – and that means you can save money by moving to a rental community with access to a full continuum of care.
Aging-In-Place
Aging in place is typically possible at a rental retirement community, especially those that offer independent living apartments. However, changes in personal health or family situations could cause a resident to move out and require more care. With a rental community, the person is in excellent command of their future – if they need more care, they can pay market rates for it and leave.
If you’re considering a retirement community like in Independent Living Wichita Kansas, visiting and checking out the property first-hand is best. This will help you make the best choice for your needs and lifestyle. See if you like the floor plan, meet with staff, sit in on some community activities, and have a meal at the restaurant. Then, decide if the retirement community is the right fit for you.
Flexibility
While a CCRC typically requires an entrance fee and provides access to senior care services on-site, rental retirement communities offer greater flexibility if you or your loved one need additional health care. Because these communities don’t include specialized care or long-term care costs in their monthly fees, they can be far less expensive than a traditional buy-in community.
Additionally, move into a senior living rental. You won’t have to worry about the upkeep of your home and can spend your money on things like travel, hobbies, and other lifestyle activities. And when your lease is up, you can renew or move if necessary. This is a significant benefit for many seniors in a rental retirement community.
Socialization
Loneliness can significantly impact the quality of life and is a leading cause of premature death. Seniors who are more social and make new friends in retirement are much less likely to experience loneliness and isolation.
A rental community can offer many opportunities to nurture minds, bodies, and spirits with fellow residents in a way that encourages friendships and community involvement. Take a live entertainment performance, join a fitness class, or join an interest group to meet others with shared interests.
If you are considering a rental retirement community, visit a few to compare options and get to know the people there. It’s also an excellent opportunity to experience the lifestyle of a senior living rental, which is quite different than that of a CCRC.
Health & Wellness
You’ve been checking off your bucket list and focusing on the things that matter most, but sometimes household chores like grocery shopping, paying bills, and maintaining the lawn get in the way. At a rental retirement community, these chores are taken care of for you to enjoy the freedom and flexibility to travel or dig into a new hobby.
Plus, on-site amenities and services promote health and wellness. Whether that’s a personal chef serving three healthy, delicious meals daily or an on-site fitness center staffed by professionals with high-quality equipment. In fact, over two-thirds of CCRC residents say that moving to their community has improved social wellness.
