The Benefits of a Senior Rental Community
Rental communities are the most popular senior living option in the U.S. The cost of entry is low compared to Life Plan Communities (also known as continuing care retirement communities or CCRCs). And many of the services and amenities offered at a Life Plan Community can be found at rental communities. So what’s the difference?
The biggest difference between rental communities and Life Plan Communities is in how you pay for assisted living and continuing care. At a Life Plan Community, you pay a large entrance fee — typically anywhere from $100,000 to $1 million. Depending on the type of contract you sign, the entrance fee may lower the cost of care.
At a rental senior living community, there is no large, upfront entrance fee required. If an independent living resident requires health services, such as assisted living or memory care, they’ll pay the market rate. The range of health services offered at rental communities varies from one to the next, so it’s important to know what health services are available before you need them. The bottom line is you’ll pay only for the health services you need at a rental community — rather than paying upfront for services you may never use.
More reasons why rental communities are number one with seniors.
In addition to a low cost of entry (and not ruling you out because of preexisting health conditions), rental senior living communities make life easier, healthier, and happier for residents. Choosing to rent means you can enjoy:
A maintenance-free lifestyle. Owning a home, especially one that no longer fits your needs, can be more trouble than it’s worth. Housekeeping, yard work, and tracking down contractors to fix the roof or repair the air conditioner gets tiresome. At a rental community, all maintenance is done for you. Instead of dealing with homeownership headaches, you can spend your time doing what you want — taking a fitness class, meeting friends for lunch, or pursuing a new hobby with people who share your interests.
An active social life. Rental communities offer plenty of opportunities to connect with others and make new friends. From resident interest clubs and group classes to outings and social events, there’s always something to bring residents together. Of course, you’re free to be as busy or as relaxed as you like. You choose the activities and you set the pace. But if you’re looking for camaraderie and a sense of belonging, they’re easy to find at a senior living rental community.
Life-enriching amenities. Most senior living communities offer amenities and services that make life easier and more fulfilling. Maintenance, housekeeping, security, daily check-ins, flexible dining options, and scheduled transportation are generally included in your monthly payment. In addition, residents have access to on-site amenities designed to support their well-being, such as a fitness center, art studio, library, salon spa, billiards room, woodworking shop, and community garden.
More freedom and flexibility. Unlike a Life Plan Community/CCRC, residents of a rental community aren’t bound to a long-term contract. If you decide you want to move elsewhere, a rental community gives you the freedom to do that with no strings attached. At a Life Plan Community/CCRC, what’s left of your refundable entrance fee will be held until your residence is resold. In addition to not tying up your money, many rental communities offer a variety of living options on-site, including independent living, assisted living, and memory care. Even stand-alone independent living rental communities often have partnerships with care service agencies that residents can take advantage of.
Find a rental community near you.
Retirement Center Management communities offer an exceptional quality of life for residents in more than 30 locations. To learn how we can help you or a loved one live healthier and happier, get in touch.