Can you rent a home in a 55+ community? Navigating the Rules and Options

According to the Housing for Older Persons Act (HOPA), at least 80% of occupied units in a 55+ community must have one resident aged 55 or older. Given these regulations, can you rent a home in a 55+ community? It is indeed possible, but it depends heavily on the specific community's rules and homeowners' association (HOA) guidelines.

Quick Summary

Yes, renting a home in a 55+ community is possible, though each community has specific rules about eligibility, lease terms, and the total number of allowable rentals. The process involves checking HOA guidelines for age requirements, rental caps, and guest policies, which can vary significantly by location and community. This guide will help you understand the varying restrictions and how to find the right rental opportunity.

Key Points

• Renting is Possible: While many 55+ communities are owner-occupied, many do allow rentals, but rules are specific and vary widely.

• Check Specific Community Rules: Always contact the specific community's HOA or management to understand their unique rental policies, including age requirements and lease durations.

• Age Restrictions Apply: Renters typically must meet the 55+ age requirement, though some exceptions are made for younger spouses or partners.

• Rental Caps and Lease Terms: Many communities limit the number of rentals and often prohibit short-term leases (like Airbnb), favoring long-term agreements.

• Use Specialized Resources: Utilize websites and real estate agents who specialize in 55+ housing to find communities that welcome renters.

Renting in 55+ Communities: An Overview

While the primary market for 55+ communities is home ownership, the demand for senior rentals is growing. Many older adults prefer the flexibility of renting, avoiding the long-term commitment and maintenance responsibilities of home ownership. For a community to legally maintain its 55+ designation, it must adhere to federal laws, including the 80/20 rule, which dictates that at least 80% of units must be occupied by someone 55 or older. The remaining 20% allows for some flexibility, often accommodating younger spouses or occupants under specific conditions.

Restrictions for Renters

Before you begin your search, it is crucial to understand that not all 55+ communities allow rentals. Here are some of the most common restrictions you might face:

• Owner Intent: Many communities are designed to foster a stable, owner-occupied environment. They may discourage or prohibit rentals to maintain this social fabric and character.
• HOA Approval: Even if rentals are permitted, the homeowner's association (HOA) often has strict approval processes for potential tenants. This can involve background and credit checks and can add time and complexity to the rental process.
• Age Requirements for Renters: The majority of 55+ communities that permit rentals will require the tenant to also be 55 years of age or older. While a younger spouse might be permitted, the primary tenant must typically meet the age criteria.
• Rental Caps: Many HOAs enforce rental caps, limiting the percentage of homes within the community that can be rented at any given time. If the community has already reached its rental cap, you will be unable to rent a property there until a spot opens up.
• Lease Duration: Short-term rentals, like Airbnb or VRBO, are typically prohibited. Communities often require longer-term leases, such as a minimum of six months or more, to prevent a high turnover of residents.

Finding a Rental in a 55+ Community

For those determined to rent, several options exist for finding suitable properties:

1. Specialized Websites: Websites like 55places.com and After55.com specialize in senior housing and often feature dedicated sections for rentals. These platforms can be a valuable resource for finding communities that specifically offer rental opportunities.
2. Manufactured Home Communities: Some companies, such as Sun Communities, own and manage rental properties within their 55+ parks. These can be an affordable option for those seeking the amenities and lifestyle of an age-restricted community without a home purchase.
3. Local Real Estate Agents: Working with a real estate agent who specializes in 55+ or senior living communities can be highly beneficial. They often have insider knowledge about which communities allow rentals and can help navigate the specific HOA requirements.
4. Community Websites and Management: If you have a specific community in mind, visiting its official website or contacting the property management directly is the most definitive way to learn about their rental policies.

Renting vs. Buying in a 55+ Community

Choosing between renting and buying depends on your personal financial situation and long-term goals. Both options offer a path to the 55+ lifestyle, but with different trade-offs.

Feature	Renting in a 55+ Community	Buying in a 55+ Community
Financial Commitment	Lower upfront cost, typically just security deposit and first month's rent.	Significant upfront cost, including down payment and closing costs.
Flexibility	High. Easy to move if your needs change or you want to try a different location.	Low. Selling a home is a long, complex process.
Maintenance	Minimal. Property management or owner handles most repairs and upkeep.	High. Responsible for all home and yard maintenance, potentially including costly repairs.
Amenities	Access often included in rent, but may have some limitations.	Full access typically included with HOA fees, which are an ongoing cost.
Equity	None. Rent payments do not build equity.	Builds equity over time, which can be a significant investment return.
Rules and Oversight	Subject to community rules and HOA. Tenant is beholden to landlord and association.	Subject to community rules and HOA. Owner has more say but is still bound by covenants.
Lifestyle	Enjoy the social, active lifestyle without the responsibilities of ownership.	Enjoy the active lifestyle with the pride and stability of home ownership.

For more perspective on the overall benefits of retirement communities, check out resources like the Administration for Community Living's Eldercare Locator, which offers guidance on senior housing(https://eldercare.acl.gov/).

The Final Word

Renting a home in a 55+ community is a viable option for many active adults who prefer a low-maintenance, flexible lifestyle. However, it requires careful research into specific community regulations, as policies on age requirements, lease terms, and rental caps vary widely. By understanding these rules and using the right resources, prospective renters can find a community that perfectly aligns with their needs and retirement goals.

Frequently Asked Questions

Do I have to be 55 to rent a home in a 55+ community?

Yes, in most cases, the primary renter must be 55 years of age or older. While some communities allow exceptions for a younger spouse or partner, the age restriction for the main occupant is a common requirement.

Can I rent a home for a short period, like a few weeks?

Generally, no. Most 55+ communities prohibit short-term rentals like those found on Airbnb or VRBO to maintain a stable, owner-occupied environment. Leases are typically required to be for a longer duration, such as six months or more.

Is it easy to get approval to rent in a 55+ community?

The process can be more complex than renting a standard property. The community's homeowners' association (HOA) usually requires prospective tenants to undergo a separate approval process, including background and credit checks, before a lease can be finalized.

Can an owner in a 55+ community rent their home out as an investment property?

It depends on the community's specific rules. Many HOAs have restrictions, such as rental caps limiting the number of rented properties at one time, which can impact an owner's ability to use their home as an investment.

How do I find out about a specific community's rental rules?

The most reliable method is to contact the community's management or homeowners' association directly. They can provide you with a copy of their covenants and rules regarding rentals.

Do rental communities for people 55+ exist?

Yes, some companies specialize in manufactured home communities or apartment complexes designed specifically for the 55+ demographic, which offer units for rent rather than purchase.

Can my younger family members stay with me if I rent in a 55+ community?

Most communities permit temporary visits from younger family members, like grandchildren, but there are usually limitations on the duration and frequency of their stay. Permanent residency for those under 55 is typically not allowed.