Benefits of downsizing
- 28th Oct 22
Kids settling into university and you suddenly find that you have time to consider your future? Or perhaps you are thinking of slowing down at work and you have more leisure time on your hands for travel and adventures? If you want to make the most of your freedom years, it might be time to consider shaking up your living arrangements.
Contrary to popular beliefs, the idea that renters move out of the market in their early 30s and buy a home is a diminishing idea thanks to stretched affordability among buyers. Renters are getting older. Over the last ten years, the number of renters in the 55-64 year old age group has increased by 111%, according to the Cushman & Wakefield Build to Rent report.
Older renters have different requirements, with one of them being wanting to stay in the property for longer periods of time. The average length of stay for a 25- 34 year old in their current accommodation is 2.1 years, compared with 3.8 years for 35-44 year olds and 5.7 years for 45-64 year olds. This may be just one of the reasons why older renters are turning to Build to Rent.
Professionally managed and maintained, Build to Rent has many advantages over the private rental sector, with one of the most significant for this age group being the flexible tenancies. This gives customers full control over how long they want to live in the property, whether just for a few months or many years.
Build to Rent is a new wave of rentals sweeping the UK that provides a completely different experience, ideal for people looking to downsize. Its causing such a stir in the housing market because of the many advantages it offers, including an aspirational lifestyle, on-site maintenance teams, 24/7 security or a concierge and hotel-style facilities. Many are pet friendly and all pride themselves on their high-quality service, fixtures and fittings.
The popularity of Build to Rent has led to increased traffic to Love to Rent, the first and only digital marketing platform for the Build to Rent sector. In the last 12 months, traffic to the site has increased by 33%with customers over the age of 50 making up 14%of the overall audience who go on to move into one of the developments.
“Build to Rent is particularly exciting for renters looking to make the most of their freedom years because it is based around creating communities with plenty of opportunities to meet new people and integrate with other residents,” says Anne-Marie Brown, Founder and CEO of Love to Rent. “A common misconception is that renting is just for young people but within the Build to Rent sector, there are a wide range of ages and backgrounds giving the perfect opportunity to expand horizons.”
For those looking to travel, the security aspect of Build to Rent is very appealing. No need to worry about your property back home because many developments will have either a concierge or 24/7 security. “If you are planning to travel more, live alone or are just generally more apprehensive about security at home, Build to Rent answers many of these concerns,” adds Anne-Marie Brown. “For those living alone, many developments also have an events team to organise social activities such as Christmas parties, sporting events, wine tasting and barbecues offering a wonderful opportunity to make new friends and have new experiences.”
Downsizing is not just about moving to a smaller home, it also offers the chance to try living in a different location entirely. “If you’ve lived in the suburbs to take advantage of good local schools and amenities for the kids, it might be time to experience the joys of city centre living,” adds Anne-Marie Brown. “If you want to be in the heart of the action to enjoy great restaurants, the best theatres, museums, galleries and shopping, then there are so many high quality Build to Rent developments to choose from in different cities around the UK.”
With no maintenance or DIY issues to take up time and money, many customers in the Build to Rent sector choose to take advantage of the on-site gyms or fitness trails. To encourage residents to step up their fitness game, many developments offer specific wellness and fitness programmes with anything from outdoor yoga or rooftop team sports. If you’ve never had the time for sports before, this is a great opportunity to try something different, improve your fitness and make new friends.
With the popularity of the sector continuing to grow, those looking to downsize are encouraged to check out Love to Rent week from 24th to 28th October to find out more about the opportunities and lifestyle on offer. To see what homes are currently available, click here