Inspired Villages launches market-leading rental option at its retirement villages

Inspired Villages (“Inspired”), an operator and developer of later living communities across the UK, has launched properties for rent at its exceptional villages across the country. Broadening its existing residential provision, Inspired Villages – partners of financial institution Legal & General - becomes one of the first operators of retirement villages to specifically provide this as an alternative to buying. 

Inspired has expanded its residential offer to accommodate the changing needs of the rightsizer market.  Research by the Centre for Ageing Better has shown that 414,000 older people now rent a property, which is up 63% from 254,000 people in 2007. Inspired has recognised that with this increasing trend, more rental retirement housing is required to meet current and future demand.

Renters at Inspired Villages will benefit from a fixed service charge with utilities included.  But regardless whether residents choose to rent or buy, Inspired aims to ease the stress of running a home.  It is all about choice and flexibility.  Rental, delayed completion and guest suites all allow retirees to ‘try before you buy’ - to experience life at an Inspired village before committing to purchase.  Rental is just another way Inspired is expanding its offerings to meet the needs of a changing market.

James Cobb, Director at Inspired Villages, comments:  “We are proud to offer the option to rent for the very first time. We want more people to embrace the lifestyle that is on offer at our retirement villages, with all of its positive health and wellbeing benefits, and providing a rental option enables more people to choose us.

“The Inspired Villages rental product gives residents predictability in their financial outgoings, with the security of a long-term fixed monthly rental rate – inclusive of service charges. This peace of mind is particularly important in terms of political and economic uncertainty.”

The rental option has been introduced at Millbrook Village in Exeter, Devon, Durrants Village in Faygate, West Sussex, Great Alne Park in Great Alne, Warwickshire, Austin Heath in Heathcote, Warwickshire and at Gifford Lea in Tattenhall, Cheshire. At Durrants Village, a limited number of two and three bedroom cottages are available to rent in addition to the standard rental option of two bedroom apartments.

In the first week since launching Inspired has taken five reservations for rental properties across its portfolio, with one tenant having already moved in to its Durrants Village retirement community in Faygate, West Sussex.

James Cobb continues:  “The number of people renting in retirement is on the rise, predictions suggest that a third of people over 60 could be renting in 2040[1].  For an increasing proportion of this demographic, renting is a lifestyle choice, as opposed to a necessity, citing flexibility as a key driver.

“Research shows we live better for longer in communities that facilitate and encourage active living. Inspired’s retirement villages are designed for exactly this, with cottages and apartments arranged around a central clubhouse which provides a range of health and fitness facilities and lots of activities for a sociable and fulfilling retirement.”