Demand for new property solutions driven by housing affordability and rental crisis has paved the way for a build-to-rent boutique over 50’s lifestyle community.
Approval has been granted for a long-term lifestyle rental community in Yarrawonga, developed and managed by Providence Lifestyle Yarrawonga.
Residents will be able to lease one, two or three-bedroom homes in a secure, gated community for between 10 and 19 years, with no entry or exit fees, quarterly rent inspections or market reviews for the term of the lease.
Providence Yarrawonga director Michael Ibbotson says the concept addresses a gap in the market and gives seniors struggling with housing affordability, security or rental issues a fresh option.
“Many over 50’s don’t want to tie up their money in property – or it doesn’t suit their financial position – and many are reticent to rent short-term because it doesn’t offer them enough security and certainty, and moving house every 12 months is harder when you’re over 50,” Mr Ibbotson says.
“Build-to-rent boutique lifestyle communities address these issues and operate in just the same way as renting a private home so, in time, they will play a part in easing the rental crisis for seniors.”
Residents have access to communal facilities including a clubhouse, alfresco area, and bowling green, with pets also allowed, as each six-star energy rated home is on its own fenced lot with a private garden and entertaining area.
Mr Ibbotson says the project has been attracting a high level of interest from downsizers, rightsizers and retirees who want to move from the city.
“We believe these build-to-rent boutique lifestyle communities are the way of the future and predict they’ll become commonplace, just as build-to-buy lifestyle villages have,” he says.
“The tenure security, facilities and companionship on offer caters to a growing but under-serviced demographic.
“We’re also finding the pandemic has prompted many people to place a greater emphasis on safe social connection, further boosting demand for community living spaced in the right way and detached housing brings a more spacious resort feel than high-rise apartments.”
Rental fees start from $309* a week and there are no rates or taxes.
Providence Rental Lifestyle Community Yarrawonga is expected to start construction in early 2023.
For more information, visit www.yarrawonga.providencelifestyle.com.au or contact Yarrawonga lifestyle co-ordinator, Karen Van der Steeg, on 0457 755 981.
*See www.yarrawonga.providencelifestyle.com.au for more information regarding pricing.
