Rental stress creating a generation of baby boomer flatmates

The high cost of rent is forcing older Australians to opt for flat mates rather than renting on their own because renting is unaffordable for many.


“We’re seeing an increase in people aged over 55 finding a flat mate to rent a two or three bedroom home with, because once you split the cost it is cheaper than a one bedroom,” said Andrew Colagiuri, Founder of Bright Residential and FLK IT OVER.


“People who have lived in their own home for most of their life have been forced out of the property market through a messy divorce, redundancy or sadly they’ve become a widow and they’ve got no choice but to become a tenant again to remain in the same neighbourhood ,” said Mr Colagiuri.


“Shared housing isn’t a new concept for older Australians as they practically pioneered it in their youth but many never thought they’d be back there looking for flatmates aged in their 60’s.”


“An increasing number of older people are either renting a house with strangers or a room from a friend or family member.”


“Last year recorded its largest increase ever in house sharers in the 60-64 age bracket with 43 percent growth and I expect the trend to continue.”


“The number of Australian home owners has been falling for three decades now with many destined to become “permanent renters” which will have a domino effect leading to flatmates of all generations.”


“Twenty-five years ago, 26.9 per cent of Australians rented, and 41.1 per cent owned outright. In 2016, 30.9 per cent of Australians rented, just short of the 31 per cent who own outright, the lowest home ownership figure in 70 years, according to Census data.”


“When we talk about the property market a lot of focus is on helping first home buyers to secure home ownership but an increasing number of baby boomers are locked out too, even if they once had a taste of it.”


“On a positive note finding a flat mate has never been easier with a host of websites dedicated to matching people up and now signing a tenancy agreement for shared accommodation is even easier with .”


Flk it over enables all tenants to sign the lease agreement on their smart phone without everyone having to be in the same place at once. It also makes it easier to renew an existing lease or add in new occupants to the residential tenancy agreement.”


See also the article Co-housing works well for older people, once they get past the image problem.


22 September 2017.