More support needed for older renters

ByRuby Harfield

Renting inretirement is increasing as house prices sky-rocketand therates of home ownershipfall. Centre forResearch,Evaluation and Social Assessment (CRESA)research director and sociologist,Kay Saville-Smith, has studied the importance of housingfor older people’swellbeing andwants better rental opportunitiesfor retirees.

Dr Saville-Smith said in 20 years, less than half of NewZealanders turning 65 will be homeowners.

There arecurrently very highrates of owner-occupation in NewZealand butthis reflectsevents of fifty or sixty years ago when peoplewere easily abletobuy houses.

“These people are still alive and in their own homes so this brings up therate.

“It looks as though seniors are in a good position but therates will go down and the proportion ofpeople inrentwill increase.”

There area number ofreasonsfor this, first there’s a declineinthe numberofpeople abletobuya houseearlier in life dueto increasing prices.

“If you haven’t gotten to owneroccupation by 40 it’s unlikely that you willat anystagein your life.”

There’s another group ofrenters in retirement who have beenforced out of owner-occupation duetopersonal issues such as divorce, finance problems or health concerns.

Some people are also quite badly affected when there areglobal financial issues such as the Covid-19pandemic as they had their houses tied up into their businessfor equity, she said.

“There area range of personal crises as well as majoradverse events like a flood orearthquakethat can destabilise home ownership.”

One of the problems withrenting is that the properties perform more poorly than those that areowner-occupied, she said.

“Olderrenters are much more likelyto get health problems.”

CRESA’sresearch hasfound that older renters are more vulnerable to housing stress, dwellings in poor condition, and social isolation.

It said the probability of admissionto residentialcareishigher amongrenters.

Olderrenters in theprivatemarket facetenureinsecurity and increased accommodationcosts.

The solution istohave dedicated rental homesfor seniors, Dr Saville-Smith said.

A lotofcouncil housing isnot affordable for people ona pension as it’s subsidised based on marketrates.

Someretirees haveresortedtorenting as a grouptoshare thecosts of living.

Privaterentals are often not appropriate as the BuildingAct does notrequire new builds orrenovationstobe accessible and, therefore, they are notadaptablefor the lifecycle ofthe peopleliving inthem.

“It’s very hard to getlandlordsorproperty investorstodohome modification duetothe cost.

“But it’s much bettertohavea home that is builttobe accessible and abletobeeasily adapted.”

More supported livingco-operatives need tobe created as well as a better andmore diverserange of rentalstock, she said.

“Therentalmarketin NewZealand is still lightlyregulated comparedtoother countries.”

DrKaySaville-SmithisaresearchdirectorandsociologistattheCentrefor Research,EvaluationandSocialAssessment. Photo/Supplied

S TA G E O N E A N D T WO SO L D O U T S TA G E T H R E E V I L L A S A N D S TA G E F O U R A PA R T M E N T S S E L L I NG NO W ! D E S I G N E D I N S T EP WI T H N AT U R E C R E AT E D F O R L I V ES FU 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.

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.

A life less ordinary Stage Three Villas selling now from $820k Stage Four Apartments selling now from $725k

The Botanic Silverdale Show Home

44 Evergreen Drive, The Botanic Silverdale, Auckland Open for viewing 11am-3pm, Monday to Saturday