There is a significant lack of ageing-friendly accommodation in the private rental housing sector. Seniors who rent often struggle to find secure, comfortable accommodation that provides them with security of tenure, affordability and the ability to age-in-place.
Seniors are the ideal tenants for your investment property. They are house-proud, gentle on your asset and appreciate long lease tenures. Rent is funded by the federal government through the Age Pension and Commonwealth Rent Assistance payment.
- The population of seniors aged over 65 years is forecast to double by 2056.
- Around 14% of seniors currently rent, with some commentators forecasting around 50% of seniors to be renting by 2056 (source: Housing in retirement: the emerging challenge to retirement incomes policy. Grattan Institute Dec 2019).
- The number of private renters in the 54-64 age group is projected to increase by over 50 per cent to 567,000 in 2031 (source: ibid).
- For those over 65 years old, the increase is even more acute, with those renting expected to double in the same time range to 543,000 (source: ibid).
- Older women are particularly at risk due to systemic issues like the gender pay gap during their working life, longer life expectancy and generally having less super than men (source: Older female renters are the ‘canary in the coal mine’ for housing affordability ABC News Emily Stewart and Lucia Stein 28 Aug 2019).
- Older women—those aged 55 and over—was the fastest growing cohort of homeless Australians between 2011 and 2016, increasing by 31% (source: Quote – Dr Kay Patterson, Age Discrimination Commissioner, Thursday 4 April, 2019).
- There is a significant lack of ageing-friendly accommodation in the private rental housing sector. Seniors who rent often struggle to find secure, comfortable accommodation that provides them with security of tenure, affordability and the ability to age-in-place.
“The private rental market will become increasingly important in accommodating the growing number of older households. As more and more households rent into retirement, there will be an increasing need for secure, stable, affordable and appropriate housing options in the private rental sector” (source: Effective downsizing options for older Australians Australian Housing and Urban Research Institute Limited Feb 2020).
We invite you to partner with us to be part of the solution.