The demand for public housing in Australia from private renters aged 55-plus is expected to climb 78 per cent – from roughly 200,000 households in 2016 to 440,000 households in 2031 – as more people no longer own their own home when they retire.
As we discussed here last week, nearly half of all homeowners aged 55 to 65 are still paying off a mortgage, up from just 14 per cent 30 years ago.
“Penetration rates on retirement villages are sitting around five per cent, but the rental market for seniors is three times bigger. It’s 15 per cent, why don’t we talk about that?” retirement author Richard Andrews told Urban Developer’s summit on ageing last week.
In Queensland, 6.7 per cent of over-65’s live in retirement villages – the highest rate in Australia, closely followed by South Australia.
But what isn’t well known is that while over half of these residents are lease arrangements, 15 per cent are rented – and that’s a number that only going to increase.
Retirement is going much longer and more varied for future retirees – and people need different options to suit.
Every week at agedcare101, we receive calls – often from women – looking for affordable rental accommodation and currently there is little available.
We are starting to see this shift with more retirement villages offering assisted living options as a transition between villages and residential care – but the Government needs to support more alternatives, such as build-to-rent and co-living arrangements.
Only then will we be able to address the very real concern that older Australians have about exactly where they will live in their later years.
Discussion1 Comment
I have been trying to find a rental home in a village atmosphere to retire in. I al looking for a two bedroom home with a proper kitchen & bathroom with glassed in shower with door plus an attached garage.
When I find something that suits, the weekly rental is outrageous……usually $315 – $414 per week! How on earth can a single lady, whom depends on the aged pension only, afford this.
Then there are the one bedroom homes in a village atmosphere. They don’t cater for singles whom are still young at heart & wanting to travel etc. there are no proper kitchens….only very small kitchenettes & the bathrooms shower is a curved curtain rail & curtain…..no enclosure at all.
There should be more emphasis on the Baby Boomer era where many many people did not get superannuation or what they did get wouldn’t last a year or so. I’m one of those people & am desperately trying to find a two bedroom home or unit, that I can afford & still live on what’s left over for a fortnight. I only have another 8 months to go & I have to be out of my parents home because my siblings want the house sold,
There is a cheap way for rental homes to be built for persons like myself……they don’t have to be brick & tile……transportable homes are the way to go. I worked for the first company to use transportable homes in over 45’s Lifestyle Villages. These homes are beautiful & once they are positioned & gardens & garages completed, you would never know they were transportable homes.
There are now quite a few villages around Australia using transportable homes, but 90% of them are buy in only.
For this reason, I may have to just rent a house in the suburbs because they are much cheaper than in a village…..(even though I am completely independant & cook & clean for myself ). I didn’t want to do this because it puts me in the same situation as I am in now…..living like a hermit. I need to be around people like I was when I was working in these villages.
Anyone got a job for me!!!
Thank you & Cheers
Robyn