"Rentirement": Bold new proposition for housing crisis
Aussies over 67 are being urged to rent out their homes and retire overseas in a bold new housing proposition floated by Suburbtrends.
The property sector market researchers said that “rentirement” is a viable solution to the nation’s current housing crisis, as it would open up over 137,000 homes.
Suburbtrends founder Kent Lardner said that current attempts of easing rental stress is not adequate enough.
“While increasing housing supply is essential, it simply won’t come fast enough to address the immediate needs of renters.”
Rentirement encourages those aged 67 to 77 to release their homes into the rental pool, and retire overseas, with Southeast Asia proposed as an ideal destination due to its significantly lower cost of living.
“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.”
The initiative would offer a five-year moratorium on the loss of the primary place of residence benefit, which they believe this would be a “win-win” situation retirees, renters, and the government, as it could help provide more housing options.
“Rentirees can enjoy a higher quality of life at a fraction of the cost, renters gain access to more housing, and the government can alleviate pressure on the housing market without significant expenditure,” he said.
Lardner added that “rentirement” would lead to an immediate influx of rental properties, stabilising prices and reducing vacancy rates.
“We believe rentirement offers a practical and timely solution to Australia’s rental crisis,” he said.
“It’s time to think outside the box and explore every avenue to ensure a stable, affordable housing market for all Australians.”
This comes after PropTrack reported that there has been a drastic reduction in affordable rental homes, with the amount of rental properties costing less than $400 a week plummeting from 43.2 per cent at the start of the pandemic to just 10.4 per cent now.
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