New Zealand is facing a “looming crisis” in elderly housing.
20 years ago, most retired Kiwis owned their own homes, giving them greater financial security. A recent study by Ageing Well National Science Challenge predicts that fewer than half of Kiwis who will turn 65 in 2040 will own their own home, which means that more than half will have to rent.
Already feeling the pinch
The impact of increasing living costs is already being felt in our current elderly population. Some retirees like John Hurrell are “trying to live on super in a rental market that’s actually going up in terms of cost”.
The Aging research says that older “renters are twice as likely as homeowners to live in houses that are poorly maintained and twice as likely to suffer from health problems like asthma, anxiety and depression”.
Social housing for the elderly
While many of New Zealand’s retirement homes and villages are world-class in their care, they’re also out of financial reach for many elderly people. One solution could be elderly flatting.
Audine Robson is in her 70s and lives at Abbeyfield in Auckland’s Sandringham along with 11 other pensioners. The huge home is run by a charity that provides housing and support for people over the age of 55 and there are 15 such homes all over New Zealand.
Not only could social living make it more viable for the elderly to live comfortably in a financially volatile market, there are also plenty of health-related benefits too. For example, nearly one in three New Zealand elderly people spend their days alone and Age Concern is struggling to cope with the number of enquiries they receive for elderly companionship.
The Property Crowd’s impact
Not only does The Property Crowd give everyday Kiwis the opportunity to invest in property on terms that suit them, we’re also committed to providing good-quality, affordable housing to New Zealanders who really need it.
It works like this: we partner with the best property managers in the business to source high-quality, healthy homes that we’d be happy to live in ourselves.
When investors invest in PropertyShares, they become ethical landlords. We keep our properties properly-maintained, and our tenants can build strong relationships with their property managers which adds greater certainty and confidence to their tenancy.
We’re also proud to offer opportunities for long-term tenancies to give tenants the chance to settle down and really connect with their community. We understand the pressures of increasing costs of living so we support flatting situations too – regardless of age.
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