There are many things to consider when searching for the right senior rental community. Often, deciding when you are wading through shiny community brochures that all look the same can be difficult.
Many seniors prefer to rent in retirement because it allows them to avoid costly upfront fees or commitments. Moreover, this can also allow them to relocate if they wish — perhaps closer to family or in a warmer climate.
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Location
Many seniors want to live in the New York City area. However, the city’s concrete jungle, high cost of living, and lack of affordable housing can make finding a place to call home challenging. Fortunately, NYC has various low-income senior housing community initiatives that provide rental assistance to elderly residents in need.
Whether you choose an apartment-style community or senior co-op, your Family Advisor can build a list of locations in your area that offer the right mix of care levels, amenities, and prices. We’ll include pictures, floor plans, consumer reviews, and more!
Many older adults prefer to rent a senior apartment to maintain independence and avoid isolation. Renting also means you don’t have to pay costly homeowner’s insurance or property taxes.
Amenities
Aside from the basic amenities of a safe community, many senior apartment communities also feature social opportunities that help seniors stay engaged and avoid isolation. These include exercise classes, games, and movie nights to encourage interaction between residents.
Market-rate senior apartments offer competitive rent compared to other apartments for adults and often have added services that include housekeeping, transportation, and dining. These services are typically included in the monthly rent, as opposed to an additional fee.
Federal and local housing programs subsidized low-income senior living apartments. These apartments may have age restrictions or require a waiting list. It is best to visit an old apartment before signing a lease and to ask about the availability of additional services, such as assisted living.
Pricing
Senior apartments are an excellent option for older adults who want to downsize to an active community without worrying about home maintenance and cooking. They also offer a variety of amenities and services built into your monthly rates, such as housekeeping, transportation, meals, and social activities.
Many market-rate senior apartment communities are competitively priced, while HUD-sponsored apartment buildings typically offer low-income seniors affordable rent based on their income. These apartments have strict income guidelines, so research your options and plan accordingly.
Not-for-profit senior apartment communities that don’t require an entrance fee usually have a benevolence clause, so residents won’t be asked to move out if they deplete their financial assets. However, the care you receive will still affect your monthly cost.
Respite
Seniors selling their homes and using the proceeds to move to a senior rental community like Aviva Assisted Living often want to know they can continue living there for as long as possible. They may need to discuss membership fees with an accountant or trusted loved one to ensure they’re paying a fair price.
Caregivers need a break from caregiving, and many states have programs to provide respite services. These may include family caregiver training to increase familiarity with respite providers, allowing caregivers to pool their respite hours for future use, and offering other flexibilities through self-direction policies.
These strategies can help improve access to respite for HCBS waiver participants and their caregivers. This is an essential piece of the puzzle when enhancing the availability of quality care.
Security
Many senior apartment communities offer security measures like alarms and cameras. They may also provide security services such as round-the-clock monitoring. These security measures help seniors feel safe and secure in their new homes.
An older adult with limited income can use a Housing Choice Voucher to pay for part or all of their rent in subsidized senior apartments. These apartments are typically privately owned, and their rates are lower than the market rate in the area.
If you have more money, market-rate senior apartments are a great option. They cost less than affordable senior apartments and offer more amenities like community dining and housekeeping. Some even include transportation and pools. Our comprehensive senior rental residential community guide can help you find the perfect home for you.
