Maintaining a home can be costly and complex as you age. In a senior rental apartment community, your interior and exterior maintenance needs are handled for you.
Also, many retirement apartments have all-inclusive rent fees so that you can enjoy amenities and services for one monthly payment. This protects your finances and allows you to invest your savings into other things.
Affordability
Senior apartment communities typically offer the lowest entry cost of all senior living options. There’s often no upfront entrance fee or buy-in but a monthly rent that includes the cost of maintenance, housekeeping, and access to amenities.
This means that seniors who live in a rental community can still have money left over for travel or other hobbies and can avoid the high costs associated with homeownership. It also allows them to gain independence and freedom by limiting how much of their retirement savings they have to use for home repairs or maintenance.
Some senior rental communities can also provide aging-friendly home modifications like wider doors and hallways. These can significantly help those who want to remain in their homes as they age but may need assistance with daily living activities.
Socialization
There are several socialization opportunities at senior rental residential communities. These include game rooms, movie theaters, hobby rooms, and other spaces where neighbors connect.
Additionally, a senior apartment community like Aviva can often feature group activities like wellness classes, happy hours, lectures, trips, and advanced walking groups to help residents meet new people and make friends.
These socialization opportunities are helping to overcome a dip in occupancy for continuing-care retirement communities during the COVID-19 pandemic. However, a family must find the neighborhood that best meets their senior loved one’s needs and socialization goals. This may require some trial and error to find the right place. However, a senior rental community is an excellent choice for older adults who want to save money on entrance fees and have more flexibility in their lease terms.
Convenience
The perks of living in a senior rental community are many. They can include eliminating home maintenance, meal planning, housekeeping, and entertainment costs.
These communities usually offer exercise rooms, pools, transportation, dining areas, and social activities. In addition, they may also include essential utilities and security.
Depending on the size of your apartment, you can choose from studio or suite-style flats that are more compact and similar to a regular apartment or multi-room one- and two-bedroom apartments. Some communities offer first-floor apartments for seniors with difficulty climbing stairs.
The most apparent advantage of a rental community is that you do not have to pay an upfront entrance fee. This can make the move feel less permanent and overwhelming. It also gives you more excellent command of your future.
Security
If you’re considering senior apartment living, tally up all your available resources and outstanding debt before you move. You might be able to sell your home or cash in an existing whole-life insurance policy, for example, to help cover housing expenses.
55+ communities generally require a minimum age of 55 and include basic amenities like clubhouses, pools, and laundry facilities. Some also offer access to professional support services and emergency assistance. With this on-site support, you’ll have more time to spend with friends or pick up a new hobby. And if you’re income-restricted, the Housing Choice Voucher program might pay for part of your rent.
Comfort
The comfort factor comes with having all utilities, services, and maintenance included in the monthly rent. For instance, if you are having trouble with the sink or your door lock doesn’t work, someone on-site will fix it.
Unlike other types of senior living, many rental communities don’t require upfront entrance fees. This allows you to move in month-to-month without worrying about selling your house or finding someone else to take it over.
Keeping up with home maintenance becomes problematic at a certain age, and having someone else take care of it for you is a great relief. It also saves on the costs of paying for homeowner’s insurance and property taxes. You’ll be able to enjoy your retirement years without the stress of daily household chores.