Here’s Why Seniors Are Turning to Rental Options

in Independent Living

Written by PARC Retirement Living

Home ownership has always been a hot topic in BC, and particularly in the last several years, as pandemic-fuelled demand and low inventory have led to some of the most intense bidding wars ever seen in the Metro Vancouver market, pushing prices higher than ever.

Now, as the market begins to cool off thanks to rising interest rates, home owners are faced with another conundrum: how to manage the increasing burden of home ownership as the cost of living soars. For older generations, home ownership has generally been viewed as both a point of pride and the most cost effective way to live – but that may no longer be the case for many.

Even if your mortgage is long-since paid off, home ownership comes with a host of accompanying costs and responsibilities that can add up fast: property taxes, repairs and seasonal maintenance, interior and exterior upgrades and yard upkeep.

Owning a home can come with emotional costs, too, including isolation and loneliness, safety issues and the inconvenience of living further away from necessary amenities. And keep in mind that with your equity tied up in a home, you may have less available to pursue long-awaited retirement activities such as travel and recreation.

So what’s the alternative? More and more seniors are turning to rental options – particularly those in purpose-built seniors’ communities. And they’re discovering the many benefits of going the rental route: reduced costs of home ownership and relief from the responsibilities that can become overwhelming with age.

Here are 5 reasons renting in a senior’s residence community might be the best move for you.

senior painting a house

Enjoy the freedom of maintenance-free living

Owning an older home comes with its challenges and costs: roof repairs, water leaks, appliance issues, or lawn and landscaping costs that can add up quickly. Renting a suite in a seniors’ community means all the repairs, chores and responsibilities will be taken care of, and the building owner and operator will also foot the bill.

And bonus: while someone else is busy maintaining and repairing your place, your time is free to pursue an active lifestyle – whether that involves relaxing with friends, exploring your community, taking part in monthly excursions, or participating in fitness and recreational activities and classes.

happy elderly couple enjoying the scenery

Cultivate an elevated and flexible lifestyle

Maintaining a home takes hours of work and commitment – whether you’re doing the repairs yourself or researching, vetting and hiring others to get the work done on your behalf. Is that really how you want to spend your golden years?

Living in an independent seniors’ community gives you all that time back, so you’re freed up to travel, relax, work out, read, or simply enjoy life with people you love. And it means you never have to worry about relying on family and friends to help you with those dreaded home maintenance tasks. Your time together is yours to enjoy to the fullest.

Live in a convenient location

Your home may reflect location needs that were more prominent in previous stages of life – for example, being located close to schools or in the suburbs. As we grow older, our needs shift significantly and factors like having a view or living closer to nature can become much more important.

Renting gives you the flexibility to choose a neighbourhood or a location with easy access to amenities like grocery stores, medical and professional offices, and recreational opportunities – in addition to that much coveted view or proximity to green spaces. Senior living residences situated in prime locations close to shopping, restaurants, services and recreational activities offer comfort in knowing that you’re never far from what you need.

PARC Seniors Pole Walking Outside

Build community relationships

The truth is, getting older can be lonely, and it may be more challenging to get out into the community to socialize and meet friends.

Renting in a purpose-built seniors’ community gives you access to like-minded people day in and day out. Moreover, opportunities to socialize and make new friends are built in through organized classes, outings and community events that break down barriers to forming meaningful connections. A new walking buddy, dance partner or fellow green thumb is literally at your doorstep.

Save your resources for fulfilling personal goals

Look for senior living residences with secure rental rates, so you can allocate some of your home equity to fulfilling personal goals such as travel, owning a recreational vehicle, or helping children or grandchildren to purchase their first home.

A secure future rental rate plan, even in a wildly fluctuating housing market, can help you feel assured  with  rates  locked in for an extended period of time. Before you choose your new home, ask whether there is a rental rate that is secured for at least four years.

Learn more about rental options at PARC by visiting https://parcliving.ca/blog/secure-future/. Or, why not book a chat session to learn more?