As more people 55+ approach retirement, many opt to rent rather than buy their next home. This shift is driven by a combination of lifestyle, financial, and practical considerations that make renting in retirement an increasingly attractive option. From the appeal of maintenance-free living to avoiding unexpected costs, renting provides a host of benefits that are particularly appealing to today’s active adults.
Let’s explore why renting is the right choice for many active adults and how it fits into the broader trend of 55+ communities.
No Maintenance, No Worries
One of the most compelling reasons retirees are choosing to rent is the freedom from home maintenance. Homeownership often involves dealing with leaky roofs, lawn care, appliance repairs, and more. For 55+ adults looking to simplify their lives, the convenience of renting in an active adult community offers relief from these responsibilities.
“Renting allows retirees to enjoy a carefree lifestyle without the burden of home upkeep,” says Khadeejah Johnson, Senior Director of Brokerage & Partnerships at 55places.com. “From snow removal to lawn care and plumbing repairs, renters don’t have to worry about the time, effort, or expense of home maintenance.”
This maintenance-free living is a major draw, particularly as people age and may not want to manage the physical demands of homeownership.
No Monthly Condo or Common Fees
Another major advantage of renting is avoiding monthly condo or common area fees. Homeowners in communities with shared spaces often find themselves paying regular fees that cover everything from landscaping to building maintenance. These costs can add up quickly, and they often increase over time. Renters, on the other hand, typically don’t have to worry about these fees.
“This is one of the hidden costs of homeownership that many people don’t realize until they’re already in a property,” says Chad Walker, Vice President of Sales at 55places.com. “When you rent, your monthly payment is usually straightforward, with no unexpected condo fees or maintenance costs.”
For many retirees, this financial predictability is a huge plus. With fewer unexpected costs, renting becomes an attractive option for those seeking stability in their budgets.
No Equity Membership Fees
For some people, especially those who enjoy country club amenities, buying into a golf course community can be financially daunting. Many country clubs require large upfront payments for equity membership, which grants homeowners ownership rights within the club and access to amenities like golf courses, pools, and clubhouses. While these memberships can sometimes provide a partial refund when the property is sold, the initial payment can be a significant barrier to ownership.
Renting eliminates this concern. Many rental communities in the 55+ demographic offer access to similar amenities—like golf courses, fitness centers, and social clubs—without the need for expensive equity membership fees.
Khadeejah Johnson explains:
“Renting allows active adults to enjoy all the benefits of luxury amenities without the high upfront costs associated with equity memberships. This is particularly important for people looking to enjoy their retirement without sinking large sums of money into ownership costs that may not provide immediate value.”
No Special Assessments for Major Repairs
Another financial advantage of renting is the absence of special assessments. In many homeowner associations (HOAs), when a community needs significant repairs or upgrades—such as fixing a pool, updating shared infrastructure, or making major renovations—homeowners are often asked to contribute additional funds through special assessments. These can be unexpected and expensive, adding a financial strain when least expected.
Renters, however, are insulated from these costs. The responsibility for major repairs and upgrades typically falls to the property management company or landlord, not the tenants.
“Special assessments can be a huge financial burden, especially when they come up unexpectedly,” says Chad Walker. “Renting allows active adults to avoid these surprise expenses and maintain peace of mind about their monthly costs.”
Similar Amenities to Homeownership Communities
Many rental communities for 55+ adults offer the same or similar amenities to high-end, homeowner-occupied communities. From pools and fitness centers to walking trails and community clubs, these rentals provide the lifestyle many retirees want without the commitment of ownership. Some rental communities even feature equitable access to golf courses, which is a major draw for many active adults who want to stay active.
“Many 55+ rental communities are just as amenity-rich as the most expensive ownership communities,” says Khadeejah Johnson. “Renting provides all the perks of retirement living without the stress of property ownership.”
High Interest Rates and Financial Flexibility
Interest rates have skyrocketed in recent months, making it difficult for many active adults to purchase homes. With mortgage rates at historic highs, many in the 55+ demographic are finding it more financially feasible to rent instead of buy. According to recent data, renters now make up 34.4% of all households—a significant increase from previous years.
Chad Walker says:
“The interest rates are through the roof and ticking down slowly, which makes it hard for retirees on fixed incomes to afford to buy a home. Renting offers the flexibility to live in a community without being burdened by the financial uncertainty of high-interest loans and mortgages.”
Renting is a way for active adults to lock in stable, predictable living costs while still enjoying the benefits of a comfortable, active lifestyle.
Renting As a Stepping Stone to Owning
While renting offers many advantages, it doesn’t necessarily mean retirees are giving up on the idea of homeownership entirely. For many, renting serves as a way to test out a new location before making the long-term commitment of buying.
Khadeejah Johnson explains:
“A year or so of renting in a new city or town can be invaluable. It allows you to learn where you want to live, what areas are close to the places you frequent—like doctors’ offices, restaurants, and specialty shops—and which neighborhoods offer the lifestyle you desire. This is especially useful if you’re relocating to a new area and need time to get to know the surroundings before committing to a home purchase.”
Renting provides the time and flexibility needed to make a more informed decision about where to settle down long-term.
Start Exploring Your Rental Options Today!
By renting, retirees avoid homeownership burdens like maintenance, condo fees, and special assessments, while enjoying access to the amenities they want, such as golf courses and fitness centers. With rising interest rates and financial uncertainty, renting provides a more predictable, stress-free alternative to buying.
But renting isn’t an all-or-nothing choice. For many active adults, it’s a strategic move that provides time to explore and plan for future homeownership. Whether you’re looking for a place to relax and enjoy your retirement or simply need time to find your perfect home, renting in an active adult community offers the best of both worlds. Contact 55places.com today to start exploring your options!
