By 2048, the number of people over 65 renting homes could double to more than 600,000. Some pensioners are spending almost all of their retirement savings on rent.
In a recent interview, an unnamed pensioner from Whanganui revealed she pays $450 a week for her two-bedroom rental and has only $70 left from her pension. She takes a part-time job to help pay for expenses, which makes her feel stressed about the future. She is waiting for a cheaper apartment but faces a five-year wait.
Another pensioner, Yvonne, shared her worries about renting in Auckland. She pays $495 a week for her one-bedroom apartment, leaving her with only $25 weekly. With the end of a winter energy payment, she will have only $135 for groceries and bills. Yvonne has been on the housing waitlist for three years and fears for older renters without homes.
A charity called Abbeyfield is trying to help older renters with affordable housing. They have 14 properties and offer rooms for $440 a week, which includes meals and bills. The demand for these houses is high, with a 98% occupancy rate. Chief executive Ruth Seabright said they need more funding to build new homes to meet the demand.
Christabel Jackson, 79, lives in an Abbeyfield house and finds the all-inclusive rent life-changing. She enjoys the community and shared living experience.
The cost to build an Abbeyfield house is $4 million, funded by donations and government help. They plan to build one new house each year for the next decade but need more government funding to start.
A recent survey shows New Zealand might need 8,400 more retirement village units by 2033 to meet demand. Aged Care Association chief executive Tracey Martin expressed concern about this shortfall and the projected need for 12,000 more care beds by 2032. She emphasized the need to address these issues quickly. Martin also noted the misconception that all older people own homes and have sufficient money.
