In light of the worsening rental market pressures, Suburbtrends proposes a pioneering solution aimed at significantly alleviating the housing shortage: Rentirement. This innovative concept encourages Australians aged 67 to 77 to release their homes into the rental pool, offering them the opportunity to travel or retire overseas.
Kent Lardner, Founder of Suburbtrends, sheds light on the severity of the current rental crisis. "Our data shows that over 137,000 homes could be released into the rental market if just 10% of the Rentirees cohort participated. This represents a substantial untapped resource that could drastically ease rental pressures."
Lardner emphasises that existing solutions are not progressing quickly enough to meet the urgent demand. "While increasing housing supply is essential, it simply won't come fast enough to address the immediate needs of renters. We need creative, bold solutions to bridge the gap now."
The Rentirement proposal offers a 5-year moratorium on the loss of the primary place of residence benefit, allowing Rentirees to live overseas without any penalty, including retaining their pension benefits.
Southeast Asia, with its significantly lower cost of living, presents an ideal destination for these retirees. "Our Rentirement concept is a win-win for all parties involved. 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," Lardner explains.
Under the Rentirement initiative, just 10% participation from the Rentirees cohort could release over 137,000 homes into the rental market. This immediate influx of rental properties would stabilise prices and reduce vacancy rates, providing much-needed relief to renters across the country.
Suburbtrends is urging policymakers to consider this innovative approach. By tapping into the potential of the Rentirees demographic, the government can implement a strategic solution that benefits retirees, renters, and the broader economy.
"We believe Rentirement offers a practical and timely solution to Australia's rental crisis," Lardner concludes. "It's time to think outside the box and explore every avenue to ensure a stable, affordable housing market for all Australians."
