I am 61 years of age, retired and I have never rented an apartment or bought a house. I currently live in a single family home (which I will be inheriting soon) which I plan to sell next year and move south. Not sure where.

I thought I would rent an apartment to see if I liked the area first. Am I going to have a problem with getting somebody to rent to me? Is there something I should be doing now to make it easier on me?

I am also thinking, that for me, getting a mortgage is going to be a hassle. If so, my plan is to pay cash.

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    Why have you never rented an apartment or bought a house and why would getting a mortgage be a hassle? If you have no credit history, for example, that could be an issue either renting or getting a mortgage. If you've always just lived in a home owned by your parents but you have a solid credit score, documented income, etc. that's likely a very different situation. Jul 31, 2023 at 17:05
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    If you are renting from an individual, they usually consider an older single male to be the ideal renter. Quiet, probably longer-term than most, probably won't trash the place.
    – Mattman944
    Jul 31, 2023 at 17:48
  • @JustinCave I have a good credit score. A little less than 800.
    – Bob
    Jul 31, 2023 at 18:05

5 Answers 5


Am I going to have a problem with getting somebody to rent to me? Is there something I should be doing now to make it easier on me?

You may have issue with specific landlords that have requirements that just don't make sense for your situation, I've seen this with some small-time/new landlords. In general though, your situation is fairly typical and should not present any issues. While working renters commonly show proof of income you may be required to show proof of assets if your retirement income isn't sufficient to qualify. You could reach out to apartment complexes that you're interested in to see what they require. I would start doing that when you start looking in earnest and have a decent timeline planned out.

I am also thinking, that for me, getting a mortgage is going to be a hassle. If so, my plan is to pay cash.

At current interest rates paying cash is a fine idea, you'll just have to engage some lenders when the time comes and find out.

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    But see also comments here about using a mortgage to make the safest leveraged investment you'll ever encounter. Or returns on your investments are expected to be higher than cost of the loan (including any additional insurance that the lender may demand), mortgaging part of the purchase can be a net win.
    – keshlam
    Jul 31, 2023 at 17:35

Renting an apartment is generally very straightforward, financially. Here are some things to expect:

  • You will be required to provide an up-front payment of a security deposit. This is one or more months' rent. You receive this money back when you move out, less any charges for repairing damage to the apartment. (Local laws may limit the amount of the deposit and what can be taken out of it; consult them to ensure that you are not overcharged.)

  • You will be required to pay the rent monthly, before (not during) the month that you're paying for.

  • You may be required to agree to a lease. This is a contract that says that you will continue renting the apartment for some period (e.g. one year), for a fixed price. When the lease expires, you may have to start a new lease, or the rental might change to being “month-to-month”, meaning that you can move out any time and just stop paying rent for the next month.

    If you have a lease, it may be possible to leave without penalty by finding someone else who agrees to “take over” the lease — move in and start paying it themselves.

    If you do not have a lease, then you have the flexibility of moving out any time, but also the rent may be increased at any time (subject to local rent control laws).

(Disclaimer: I am not any kind of expert in these matters; this is just a summary of general knowledge from someone who has always rented. There may be variations I haven't mentioned. Also, I'm leaving out all non-financial matters like “what to expect the contract to require you to do or not do with the apartment” and “getting along with your landlord”.)


Repectively, no, and no, and if you can afford to pay cash you should have no trouble getting a mortgage.(Banks love to loan money to people who don't absolutely need it.) Age really isn't a concern for either.


If you have a good credit history and income of at least 2.5/3 times of your rent, most landlords would approve you.

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    Most is the key word here, there is no hard and fast rule that says anything about that or sets any requirements. The only thing they are bound by is the protected classes, which I suppose at 61 one could argue could be ageism if they don't but you can't prove it in most instances. Sep 22, 2023 at 4:30

In addition to the other answers I will add: if you have no rental history and no or low credit then landlords may perceive you as hiding something, as this is an atypical situation to be in. In your position, given you will have just sold the house, you may be able to pay rent upfront for 6 or 12 months, in which case a landlord will almost surely rent a place to you.

  • When helping my newly graduated daughter get an apartment, I was told the offer of paying in advance was not allowed. The agent offered a 3rd party which of course would hold my money, offer no interest, but take a fee. Aug 2, 2023 at 18:30
  • @JTP-ApologisetoMonica an escrow agent? I’m surprised they didn’t let you cosign the lease.
    – RonJohn
    Aug 3, 2023 at 1:04
  • Yes, ultimately that’s what we need. My comment was just trying to address the ‘pay in advance’ suggestion. Aug 3, 2023 at 1:38

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