Senior Aussies urged to follow 'rentirerment' scheme to free up 137,000 homes
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The Australian housing market has been as tight as a drum for the past years.
With skyrocketing rent prices and a scarcity of available homes, a bold new proposition recently emerged that could change things—especially towards seniors.
Property research firm Suburbtrends encouraged Australian seniors to embrace 'rentirement'—a blend of retirement and renting that could unlock more housing for younger generations.
According to the firm, the initiative may have a five-year moratorium on losing a primary address and will provide housing options for tenants.
Suburbtrends founder Kent Lardner shared some statistics supporting the argument.
'Our data shows that over 137,000 homes could be released into the rental market if just 10 per cent of the Rentirees cohort participated,' he said.
'This represents a substantial untapped resource that could drastically ease rental pressures.'
Instead of the usual downsizing or moving to a retirement village, 'rentirement' offers a chance to fund an overseas adventure by renting out your family home.
The proposition is not just about wanderlust; it's a practical solution to a pressing problem.
'While increasing housing supply is essential, it simply won't come fast enough to address the immediate needs of renters,' Lardner added.
He highlighted Southeast Asia as an ideal destination for retirees because of its lower costs of living.
This allows retirees to enjoy a higher quality of life without the hefty price tag often associated with Australia's major cities.
It's a win-win-win scenario for everyone:
PropTrack's recent report showed a drastic reduction in affordable rental homes.
Properties costing less than $400 a week plummeted from 43.2 per cent at the start of the pandemic to 10.4 per cent.
In capital cities, affordable rental properties lowered significantly to 5.9 per cent, signalling a severe shortage.
PropTrack's Senior Economist Eleanor Creagh described the rental market conditions as a crisis.
'Crisis conditions have gripped rental markets around the country,' she said.
The high migration rates and an insufficient supply of new builds and long-term rental properties also created a perfect storm for renters.
So, is 'rentirement' the outside-the-box solution Australia needs?
It presents an intriguing option for those willing to embrace a change of scenery and lifestyle.
On the other hand, overhauling a long-standing lifestyle can also be daunting.
As we navigate these challenging times, bold propositions are necessary to ensure a stable and affordable housing market for all Australians.
Do you see yourself renting out your home and retiring overseas? What are the potential challenges or benefits you foresee about this proposal? Share your thoughts about 'rentirerment' in the comments below.
With skyrocketing rent prices and a scarcity of available homes, a bold new proposition recently emerged that could change things—especially towards seniors.
Property research firm Suburbtrends encouraged Australian seniors to embrace 'rentirement'—a blend of retirement and renting that could unlock more housing for younger generations.
According to the firm, the initiative may have a five-year moratorium on losing a primary address and will provide housing options for tenants.
Suburbtrends founder Kent Lardner shared some statistics supporting the argument.
Suburbtrend's proposed ‘rentirement’ plan will free up homes for renters across Australia. Image Credit: Pexels/Ivan Samkov
'Our data shows that over 137,000 homes could be released into the rental market if just 10 per cent of the Rentirees cohort participated,' he said.
'This represents a substantial untapped resource that could drastically ease rental pressures.'
Instead of the usual downsizing or moving to a retirement village, 'rentirement' offers a chance to fund an overseas adventure by renting out your family home.
The proposition is not just about wanderlust; it's a practical solution to a pressing problem.
'While increasing housing supply is essential, it simply won't come fast enough to address the immediate needs of renters,' Lardner added.
He highlighted Southeast Asia as an ideal destination for retirees because of its lower costs of living.
This allows retirees to enjoy a higher quality of life without the hefty price tag often associated with Australia's major cities.
It's a win-win-win scenario for everyone:
- Retirees get to indulge in a cost-effective and culturally rich lifestyle.
- Renters gain access to more housing options.
- The government can breathe easier with reduced pressure on the housing market.
PropTrack's recent report showed a drastic reduction in affordable rental homes.
Properties costing less than $400 a week plummeted from 43.2 per cent at the start of the pandemic to 10.4 per cent.
In capital cities, affordable rental properties lowered significantly to 5.9 per cent, signalling a severe shortage.
PropTrack's Senior Economist Eleanor Creagh described the rental market conditions as a crisis.
'Crisis conditions have gripped rental markets around the country,' she said.
The high migration rates and an insufficient supply of new builds and long-term rental properties also created a perfect storm for renters.
So, is 'rentirement' the outside-the-box solution Australia needs?
It presents an intriguing option for those willing to embrace a change of scenery and lifestyle.
On the other hand, overhauling a long-standing lifestyle can also be daunting.
As we navigate these challenging times, bold propositions are necessary to ensure a stable and affordable housing market for all Australians.
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