Courtesy of Vincecroft Retirement Communities

For seniors and families considering the next phase of living, the financial aspect is often a key concern. Many senior communities require entrance fees, while many others offer a monthly rental model, which differ in financial structure and lifestyle considerations.

How does a monthly rental work?

Similar to renting an apartment, the senior living monthly rental model does not require a large upfront entrance fee. Instead, residents pay a recurring monthly fee that covers their living space and a range of services and amenities. This fee can vary depending on the size of the apartment, services, and level of care needed.

Advantages of a rental model include:

  • Financial flexibility. Residents aren’t locked into a long-term financial contract, providing more freedom to adjust their living situation if needed.
  • Asset preservation. Most of a resident’s retirement assets remain under their control, allowing for financial flexibility and legacy planning.
  • Flexibility in care. Rental communities frequently offer a range of care options providing adaptability as care needs change.
  • Predictable costs. The monthly fee structure allows for better budgeting and financial planning.

Is the Rental Model Right for You?

The monthly rental model can be an appealing option for seniors who prioritize financial flexibility, control over their assets, and the ability to adapt to changing care needs. It’s important to compare rental and entrance fee models, consider your financial situation, and evaluate the services and amenities that each community offers to determine the best fit for your lifestyle and preferences.

If you’re looking for a senior living community with various options, the monthly rental model might be the perfect solution for you. Contact Carrie at Vinecroft Retirement Communities today at 716-338-0177, or visit us at www.vinecroft.org.