Homes for Rent in 55+ Communities
On 55CommunityGuide.com we are noticing a strong demand for homes for rent in 55+ communities. This demand is coming from people who will be buying in a 55+ community but for a number of reasons want to rent a house in the particular 55+ community which they have researched and want to make their home one day.
Some may be moving into the area or state for the first time and just want to try out the community lifestyle before they buy in the community. This may be a smart idea for those people as it may keep them from making a mistake that could be costly.
Some may just want to rent a house in a 55+ community because they are selling their current long time home and rather than trying to do both the selling and buying transactions at the same time, will prefer to sell and rent first to get into the community. Then they can take their time to buy, on their own terms, sometimes getting a better deal or even a floor plan or area in the community more suited to their liking.
Of course others rent a home in a 55+ community for a seasonal rental, like many do in the The Villages Florida and some resort 55+ communities. Some may be snowbirds renting in warmer weather during the Winter as they are known to do but doing so in a 55+ community adds benefits like activities and new friends
So who are the landlords renting homes and houses in 55+ communities?
Well they could be a couple like me and my wife who bought a home in a 55+ community earlier this year and are renting it for a couple of years until we move in ourselves. The office at Del Webb said it was common for people to buy and then rent the house until they plan to move in, although I don't think it is for as long of time as in our case. Most likely most rentals are six months to one year with leases from owners who will be moving in later.
There may be some owners who live in their home in a 55+ community but decided to move for some reason but want to keep their home, so they will rent it. Market conditions may play a part in these decisions or it could just be the owners prerogative.
I don't believe there are many investors buying homes in 55+ communities to be leased out. It is kind of difficult for investors to buy in these single family home 55+ communities, maybe because of financing restrictions, restrictions by the developers or lease restrictions imposed by the homeowner associations.
Now there certainly are 55+ rental communities but most of them are senior apartments type communities and this article is most about single family homes in active adult type communities.