It can be overwhelming to figure out where to find 55+ rental options. If you are looking for a rental option, then you have some choices. Every day I get calls from people wondering how to get started. Your first question is – what kind of rental are you looking for?
There are 3 main types of rentals that my clients are often considering as part of their moving or downsizing journey.
Often you are looking at organizations that specialize in apartments for older adults. As I learn of apartments that are age restricted, I do add them under FUNDING TYPE – RENTAL and LEVEL OF SERVICE – NO SERVICES in the Edmonton55 Housing Directory. The are apartments in my directory that don’t have an age restriction. These apartments may have a large portion of older adults. They may also offer decreased damage deposit or rental incentives for older adults. Many apartments that are 55+ rental options, are income restricted, meaning your income must be BELOW a certain level in order to qualify. Sometimes the best way to find these options is to drive around your favorite area and look for VACANCY signs, as not all apartments advertise online.
Retirement Living Rentals
There are many apartment rentals that classify as retirement living, meaning they have some additional amenities and services in the building specific for older adults. There may be social activities, housekeeping services, meal services, etc. These will be a higher cost but can be excellent opportunities to have additional support as you age. Retirement living is a fabulous option for those with limited supports available, or those who hate moving and would prefer one move that can meet their changing needs over time. These can also be found in the Edmonton55 Housing Directory under – RENTAL and either NO SERVICES, SUPPORT SERVICES OR CARE SERVICES
55+ Condo Rentals
A popular option is privately renting an age restricted condo bungalow or apartment from an owner. This is trickier, as you have to have confidence in your landlord and understand their timeline of keeping the condo or selling it. These private rentals can be tougher to find. The advantage is you may be able to find more options with underground parking, swimming pools, in-suite laundry or larger suites than in traditional rental apartments.
Search Online for Rentals
Beyond the Edmonton55 Housing Directory, you may also want to look online. There are some websites you can look at to try to find the right apartment or condo rental for your needs, such as:
Know What is Best for You
The key is knowing what option is going to be best for your needs. Renting can be great for those who are on a fixed income, those who are not able to save a 5% down payment, those who want the flexibility to change where they live when they want, and those who don’t want family to be burdened with selling a property when their health changes.
Not sure if you should rent or purchase? Check out my HOUSING OPTIONS AS YOU AGE video to learn which option may best meet your needs. If you still need further assistance, then my PLANNING TO AGE WELL consultation will allow us to work together to find the best 55+ rental option for your timeline, budget, wishlist and location in Edmonton and surrounding area.
If rental options feel like your best option, then hopefully this gives you some guidance to narrow down to the best type of rental for you to begin your search with.