10 Features to Look for in a Retirement Rental That'll Save You Money (And Make You Happy)

It's not uncommon for people to downsize as they get ready to retire. And, while buying a smaller home may be appealing, you could be in store for even bigger benefits when you try renting instead.

That's because renting can sometimes help you avoid wasting money by lowering your housing and maintenance costs. This not only gives you a flexible lifestyle, but it can also reduce your overall financial responsibilities, something many people on a fixed income may find appealing. 

 Keep reading to see what rental perks you should keep an eye out for.

The average retired couple spends almost $20,000 on housing costs — including property taxes, homeowners insurance, and utilities — which can sometimes fluctuate from month to month.

On the other hand, renting can significantly lower these expenses, and even sometimes roll all of those variable payments up into one, standard monthly bill.

Every home comes with maintenance costs. Unfortunately, the longer you own one, the more these costs add up. As you get older, you may find yourself unable to invest the same time and energy in tasks like home repairs, forcing you to hire help.

Instead of paying someone to do this for you while your assets are tied up in your home, you can rent a place where these costs are handled by a landlord or management company.

If you bought your home decades before retiring, it may no longer fit your mobility needs. Detached homes and townhomes are great for young families but become difficult for seniors to navigate, maintain, and clean.

Choose a rental that offers single-floor living to reduce the need to travel up and down the stairs. With all your amenities on the same floor, you can move more easily and access your entire home even if you require walking assistance or a wheelchair.

If you move into a complex with beautiful gardens or greenery, renting can free you from having to tend to them yourself. Look for rental complexes like apartments and condos, which retain landscaping vendors.

Not only will finding a place with these perks save you some time and money, but seniors may even be able to protect their health by spending time outdoors in a beautiful environment that doesn't require hours of physical labor or shelling out extra money to maintain it.

Like single-floor living, a walk-in shower becomes necessary as we grow older. Seniors with mobility issues do much better when they don't have to climb into a bathtub to maintain hygiene.

Senior-oriented rentals offer walk-in showers where you can sit or stand with ease. You'll have peace of mind knowing you can maintain independence for longer.

As you retire, you may need to find a different community or social activities. You may discover that you no longer have much in common with work friends, or you may want to indulge in hobbies you never had enough time to pursue while you were employed.

Consider opting for a rental close to your social connections, amenities, and activities. If you're within walking distance, you can remain connected to what you love and maintain a stress-free retirement.

Picking a rental over owning a home also gives you more time for leisure, entertainment, and hobbies. Instead of cleaning gutters or repairing appliances, you could be gardening, bird-watching, or going on nature hikes.

Retirement is called the "golden years" for a reason — so make the best of it instead of toiling away like you did during your work years.

Family homes are often in the suburbs and areas where you can't get around without driving. While that's a lifestyle that may have suited you while you were still employed, why not retire in an area where you can ditch your car?

Picking a walkable area for your rental is important if you depend on walking to maintain your health and enjoy being out and about regularly.

Renting doesn't only let you live close to your loved ones without extra commitments. It also gives you the freedom to live close to your healthcare providers. Easy access to medical help is crucial during retirement.

If you're someone who needs ongoing care, it may be worthwhile to consider renting somewhere close to your medical provider, even if only in the interim.

If you're not sure that renting is the right choice for you, you can always use renting a home in a new location as a way to "test" the area.

It can be a good idea to get a feel for your new neighborhood before you invest your hard-earned money. Renting is a good way to do just that. You can test an area first-hand to see if it fits your needs before committing to it.

Besides giving you more time to spend on your hobbies and loved ones, renting also saves you money for housing and maintenance costs that can drain your fixed income.

As you can see, renting is just one of the ways you can stretch your retirement dollars further when it comes time for your retirement, so it may be best to wait to make any decisions about how you'll spend your golden years until you've considered all of your options.