Renting a home might be better than buying one, especially after retirement. Renting is much more affordable since one does not have to shell out money for maintenance fees, property taxes, and insurance costs. It also makes moving out and changing residences easier, which may be necessary for seniors who need access to special facilities in different cities. Also, when it comes to renting, seniors have quite a few property types to choose from.
Rental housing options for seniors
Seniors who want to rent a place to live can choose from apartments, condos, and even luxury units, depending on their budget and needs.
Apartments
These are among the most affordable housing options for seniors. One can choose either independent apartments or apartments located within senior living communities. Independent units are great for those who prefer privacy and independence. That said, senior living communities offer many more benefits for seniors when compared to independent or individually-owned apartments.
Retirement communities, or senior living communities, are specially built for retirees and individuals above a certain age, usually 55 or 60. These establishments house several properties for seniors to rent, which include apartments. Based on their preferences, seniors can choose from one-bedroom or two-bedroom apartments. Several communities also let seniors share apartments if they are comfortable with such an arrangement.
The main advantage of choosing a rental apartment in a housing community is the various amenities and senior-friendly features. For instance, the apartments usually comprise walk-in showers with added safety features. Along with that, there are community spaces like parks and libraries and common areas such as laundry rooms. Services like housekeeping and transportation may also be provided.
Condos
Besides apartments, seniors can rent condos and townhouses. These are ideal for those looking for a bigger space. Like apartments, tenants of a rental condo (in a senior living community) will have access to different amenities, common spaces (like parks, libraries, fitness centers, etc.), housekeeping services, lawn maintenance services, transportation services, and accessible entrances and elevators.
Luxury units
Some retirement communities help seniors enjoy a luxurious lifestyle by providing them with much bigger homes, usually around 2,000 square feet in area. Along with a bigger space, they offer premium amenities like concierge services, fine dining, salons and spas, golf courses, and on-site movie theaters. However, the premium amenities and bigger spaces also increase the rent prices. So, those renting a luxury senior living facility will need to shell out more money every month compared to those renting regular apartments and condos.
Things to consider when looking for rental housing for seniors
Regardless of whether one chooses a rental unit in a retirement community or one that is independently owned, certain factors must be considered to ensure the space is suitable for seniors.
Security features
Among the most important things to check when choosing a rental house for seniors is the security features offered by the building or community. For starters, one can check if the apartment building has secured access or a security guard stationed at the entrance. An intercom system installed within the facility is a good sign as it offers a sense of security. Residents can use the intercom to connect with the building’s staff, visitors, and other residents. One can also check for surveillance cameras installed within the facility. Senior living communities, including independent senior living facilities with rental units, usually have surveillance cameras installed. However, before finalizing a property, it is always a good idea to visit the premises and check for these features.
Safety features
Handrails on staircases, stair lifts, walk-in showers, and accessibility ramps are some basic safety features that make a housing unit suitable for seniors. Apart from these, one can check if the apartment or the housing unit has non-slip flooring. While these features are generally present in dwellings in senior living communities, independently owned apartments or houses may not have them.
Amenities
Senior living communities offer several amenities, such as laundry rooms, community spaces, housekeeping services, etc. But one may not necessarily get all of these in individual apartments or houses. So, when renting an apartment or a housing unit for seniors that is not a part of a retirement community, one must check all the amenities that tenants will have access to. For instance, the apartment building must have a laundry room, an elevator, etc. One can also check if the apartment unit has a smart thermostat and a smart doorbell, among other things.
Location
When looking for rental housing for seniors outside of a senior living community, it is crucial to consider senior-friendly locations. A good neighborhood with a low crime rate would be a good start. One can also check if community spaces such as parks, fitness centers, cafes, and restaurants are located nearby. Also, seniors would like to live in a community or a building mostly occupied by fellow retirees and others their age since it fosters social interaction.
Housing schemes
The Department of Housing and Urban Development (HUD) offers a special program to help seniors with limited financial resources find affordable rental housing. This program is called the Housing Choice Voucher Program or Section 8. Individuals who qualify for Section 8 rental assistance only need to pay 30% of their monthly adjusted gross income (AGI) toward the rent of the house. The government pays the remaining amount in the form of vouchers.
