Build-to-rent over 50s community revealed

OVER 50'S COMMUNITY REVEALED... Construction is expected to start early next year for a build-to-rent boutique over 50's lifestyle community in Yarrawonga. Photo: Supplied

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 communities.

Development 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 or quarterly rent inspections and no market reviews for the term of the lease.

Providence Yarrawonga director Michael Ibbotson said the concept addressed a gap in the market and would give 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,” said Mr Ibbotson.

“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,” he added.

Residents have access to communal facilities including a clubhouse, alfresco area, and bowling green, and pets are allowed as each 6-star energy rated home is on its own fenced lot with a private garden and entertaining area.

“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 said.

“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.”

Weekly rental fees start from $309* a week and there are no rates or taxes.

Construction is expected to start early next year.

Head to yarrawonga.providencelifestyle.com.au for further details or contact Karen Van der Steeg, Yarrawonga lifestyle coordinator on 0457 755 981.

OVER 50’S COMMUNITY REVEALED… Construction is expected to start early next year for a build-to-rent boutique over 50’s lifestyle community in Yarrawonga. Photo: Supplied