Choosing a Landlord Over a Lender Part I
Owning a home has been the gold standard when it comes to defining stability, and financial success, however for baby boomers, and retirees, renting has become the growing trend for practicality, and affordability. By 2030, one out of every five Americans will be 65 or older according to the Federal Administration on Aging, and this means making some decisions on how to retire, and where.
From being closer to family, or having a vacation home, to shopping around for a retirement destination, renting provides options not available to home buyers such as a short-term lease agreement. If you're desiring the amenities many 55+, and active adult living communities provide but want to forego a mortgage check, some of the best active retirement communities provide options to rent or are exclusively rental based. Renting isn't just for fresh-faced millennials anymore, with the demand for homes being driven by the baby boomer generation.
Greater Flexibility Buying a home means you're probably sticking around for a while. A sudden job change, or choosing to move closer to the grandkids isn't as easy when you're faced with selling your home or going through the buying process. If you're trying to decide whether to rent or buy, ask yourself where you'd like to be in a couple of years? Snowbirds, in particular, may find renting a great option because they can entertain their love of traveling while having the flexibility to change destinations. Snowbird vacation rentals such as Anasazi Village on Stonecreek Golf Course offer resort-style condos for retirement in Arizona with options for winter and monthly rentals. If your ultimate goal is to buy a home, but you're not quite sure where to plant your retirement roots, renting is a great way to "try before you buy."
Types of Rental Options According to Harvard University's Joint Center for Housing Studies, the demographic taking the rental market by a storm is between 50-75. Many are empty nesters that no longer need or desire a large house, and who would prefer a lower-maintenance lifestyle. Retirement communities are a fantastic way to go, however, supply and demand often make finding a home difficult. The majority of over 55, and active lifestyle communities are owner-occupied, with some having a lease-to-own option. These homes are typically rented out on a long-term lease basis (6-12 months), with limited options for month to month, or a weekend getaway.
Exclusive senior rental communities such as Bella Terra Luxury Apartments in Henderson, Nevada offer resort-style amenities and services paired with the convenience of being a tenant. Many baby boomers are still in the workforce, and short-term lease options (3 months or less) are great for those needing a temporary home for out-of-town business purposes. The added bonus of being a boomer or retiree in this market is a property manager would much prefer renting to you versus a group of college guys, because they know the home will be maintained and cared for. Keep in mind renting typically has restrictions on pets or home improvements, so it's a good idea to find an agent familiar with the active adult living communities in your area to help you find the home that best meets your needs.