Renting a property in retirement can be a viable option, and one being taken up by a growing number of people on an assured tenancy basis.

New figures released by Girlings Retirement Options Limited reveal that renting property in retirement on an assured tenancy has seen a 40% increase in the number of reservations from January to November 2006, compared to the same period in 2005.

Peter Girling, chairman and founder of Girlings commented: “As we begin a new year, the retired population, like most of the UK adult population, will be reminiscing about the past year, evaluating the decisions they have made and making plans for the future. Renting in retirement is now a viable option because of assured tenancies, which unlike other rental contracts provide security of tenure for life.”

“We are expecting a huge demand for our services this year. The expected increase can be attributed to more people recognising the financial benefits of renting in retirement on an Assured Tenancy basis.”

People downsizing can sell their home and invest the capital, but there are also social benefits to be gained from renting in retirement, for example, meeting occupants of other flats, increased security and often, living in a more central location.

Peter Girling said: “The majority of apartments are purpose built so tenants can enjoy an easy and convenient way of living. Renting on an assured tenancy where the monthly rental rate includes maintenance and ground rent costs makes financial planning easier for our tenants and provides them with the peace of mind that they have a home for life.”

“Moreover, rental prices are guaranteed to increase only with the retail price index and are capped at six per cent, making renting in retirement a much more stable option.”