The majority of leaseholders dread rent increases, especially retirees who are often on fixed incomes. This is why Mariposa provides peace of mind and financial stability through our rent lock system, where new residents to our community won’t have to worry about rent increases for a set period of time, which covers a period of years.
About Our Rent Lock
In addition to our primary rent lock program, we provide numerous options for residents who wish to extend their rent locks beyond the standard time period. Our community has a distinct policy of not raising rent until a minimum number of years have passed, and there are even cases where we can lock in the initial rate for at least ten years.
Benefits of Having Rent Lock in Your Retirement Community
A large number of active retirees are on fixed incomes, either from a pension, social security, or other sources, and because they are no longer in the workforce, their annual earnings are limited. Our retirement community recognizes this and developed a method to accommodate those who find it challenging to deal with excessive and frequent rent increases.
Those that become members of a senior living community don’t want to deal with an embarrassing situation where they are unable to cover their rent fees and are asked to leave. This is why many prospective residents want to try out the community and dwellings first before fully committing and desire a mechanism where their rent won’t skyrocket within a short period of time, forcing them to depend on relatives to cover their monthly fees.
To prevent this from happening, we will consult with prospective residents and their family members to evaluate their current annual income and the amount they can realistically expect to pay over a given period of time to ensure that any rent increases are minimal and do not compromise the ability of the member to cover their monthly fees.
When Should You Consider Moving into a Retirement Community?
Our senior living community is perfect for aging retirees who are currently living alone and want to be in a community where they can socialize with others of the same generation while having access to 24-hour personal assistance.
Elders who live alone in standard apartments will have no protection from rent increases and will be completely exposed to the market, and will still have to perform daily errands and chores on their own which can become tedious over time. Becoming a member of our community gives you protection from sudden rent increases while allowing your errands and chores to be handled by our trained and caring staff.
Why Choose Mariposa’s Retirement Community?
The rent lock system we employ offers the competitive advantage that many retirees seek. It gives them peace of mind in knowing exactly what they will pay each month and when the time comes that the program expires, our team can sit down with residents and their families to arrange a solution that works for everyone.
To learn more about living in Mariposa, feel free to contact us today.