Can co-living help with the impending crisis for older renters?

An all-party parliamentary group on housing and care for older people has released a report warning of an impending crisis in renting for older generations.

According to chair, Richard Best, “The number of households headed by someone over 64 will treble over the next 25-30 years … unless at least 21,000 suitable homes are built a year there will be nowhere affordable for them to live.”

UK’s renting millennials face homelessness crisis when they retire

More than 600,000 members of so-called ‘Generation Rent’ are facing an “inevitable catastrophe” of homelessness when they retire, according to the first government inquiry into what will happen to millennials in the UK who have been unable to get on the housing ladder as they age. People’s incomes typically halve after retirement.

Since we all know that the general population is living longer it seems obvious that specific strategies need to be enacted to deal with the changing demographic. Whether this is led by Government intervention, or is simply entrusted to the Private Rented Sector is the current question at hand.

At SLK we are acutely aware of the changing needs and have been looking at opportunities within rental housing for the older demographic. In this sector, as big fans of co-living, there appears to be an increasingly viable (and valuable) niche opportunity in creating high quality ‘shared housing’ products aimed specifically at older rather than younger generations.

There are so many benefits to co-living it feels like a ‘no-brainer’ to formulate rental products for that ‘post family home’ age, which deliver comfortable, sociable, caring living environments. It is an area we are passionate to explore with like minded partners.

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