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More support needed for older renters By Ruby Harfield
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enting in retirement is increasing as house prices sky-rocket and the rates of home ownership fall. Centre for Research, Evaluation and Social Assessment (CRESA) research director and sociologist, Kay Saville-Smith, has studied the importance of housing for older people’s wellbeing and wants better rental opportunities for retirees. Dr Saville-Smith said in 20 years, less than half of New Zealanders turning 65 will be homeowners. There are currently very high rates of owner-occupation in New Zealand but this reflects events of fifty or sixty years ago when people were easily able to buy houses. “These people are still alive and in their own homes so this brings up the rate. “It looks as though seniors are in a good position but the rates will go down and the proportion of people in rent will increase.” There are a number of reasons for this, first there’s a decline in the number of people able to buy a house earlier in life due to increasing prices. “If you haven’t gotten to owneroccupation by 40 it’s unlikely that you will at
any stage in your life.” There’s another group of renters in retirement who have been forced out of owner-occupation due to personal issues such as divorce, finance problems or health concerns. Some people are also quite badly affected when there are global financial issues such as the Covid-19 pandemic as they had their houses tied up into their business for equity, she said. “There are a range of personal crises as well as major adverse events like a flood or earthquake that can destabilise home ownership.” One of the problems with renting is that the properties perform more poorly than those that are owner-occupied, she said. “Older renters are much more likely to get health problems.” CRESA’s research has found that older renters are more vulnerable to housing stress, dwellings in poor condition, and social isolation. It said the probability of admission to residential care is higher among renters. Older renters in the private market
Dr Kay Saville-Smith is a research director and sociologist at the e Centre for Research, Evaluation and Social Assessment. Photo/Supplied face tenure insecurity and increased accommodation costs. The solution is to have dedicated rental homes for seniors, Dr Saville-Smith said. A lot of council housing is not affordable for people on a pension as it’s subsidised based on market rates. Some retirees have resorted to renting as a group to share the costs of living. Private rentals are often not appropriate as the Building Act does not require new builds or renovations to be accessible and, therefore, they are not adaptable for the
lifecycle of the people living in them. “It’s very hard to get landlords or property investors to do home modification due to the cost. “But it’s much better to have a home that is built to be accessible and able to be easily adapted.” More supported living co-operatives need to be created as well as a better and more diverse range of rental stock, she said. “The rental market in New Zealand is still lightly regulated compared to other countries.”
D E S I G NE D I N S T EP W I T H N AT U R E C R E AT E D F O R L I V ES F U L L O F P U R P O S E At The Botanic, we believe our retirement years are our very best years. It’s a magical phase of life when we renew, connect, and live joyful lives full of purpose, immersed in our community and surrounded by nature.
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We know how important it is to support people to live healthy, active lives and that’s why we’ve placed purpose, wellness, nature and joy at the heart of our vision for The Botanic – a stunning new retirement village in development in Silverdale, and the very best in class in modern retirement and aged care living. Swim laps in the 20m pool, play Pebble Beach on the golf simulator, stroll along the tree-lined boardwalk, relish delicious cuisine at our restaurant, or enjoy a glass of wine at the light-filled Club House in the heart of the village. It will all be available at The Botanic. It’s your choice to live your magical years, your way, at The Botanic.
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