Still paying off the mortgage? Home maintenance wearing you out? Grounds getting beyond you? The answer to your retirement living could be to rent – and plenty of senior Kiwis are doing just that. Some have, in fact, done it all their lives. Others are just contemplating the idea. Whatever stage you’re at, the following information will get you thinking!
Rental sectors
Rental properties are offered by a range of providers. These include private landlords, councils (some of which provide rental housing specifically for seniors), Kāinga Ora, community (not-for-profit) housing, and Papakāinga or kaumātua housing. In a few locations in New Zealand, housing for lower income residents is also provided by the innovative model, Abbeyfield.
Some pros and cons of private versus other rental models
Finding a home
Within the private rental sector, there is often a greater variety of homes available, from units and apartments to stand-alone houses, and even rental properties in some retirement villages. In other markets, there can be a long waiting list for homes.
Situation
Private rentals are usually scattered throughout the community. This makes it easier if you wish to find a rental close to friends or family, or amenities such as a golf course, the beach, or a pool. Houses in other rental models are frequently clustered together which can limit the areas in which they are available. However, clustered rental homes can also provide company and a greater sense of community among renters.
Tenure
Private rentals are usually offered on a periodic or short term tenancy agreement. This means you’re not tied, indefinitely, to your choice of home. However, there is generally less security of tenure in private rentals. You can be asked to vacate within 90 days, or in some circumstances, within a shorter period. Homes in other rental models may be more secure in terms of tenure, with tenants staying in them for many years, but with the choice to move when they wish.
Cost
Private rentals tend to be more expensive than other rental market properties, and rent can be increased according to the conditions in your tenancy agreement. Properties in other rental models can be less costly (some are even subsidised), but may be limited only to certain groups within the community such as low-income tenants.
Experience
Private landlords may not have experience in dealing with senior renters, or be aware of the advantages of having retirees rent from them. In many cases, it is up to the tenants to educate the landlord. For example, a landlord or property manager may be unwilling to modify a bathroom to meet senior tenants needs, but only because they are not familiar with government subsidies. Managers of housing from other rental models are usually experienced in providing accommodation for the tenants the homes are designed to support.
Safety
Some private landlords are not always timely in attending to maintenance. While this may be of less concern to a younger tenant, it may leave an older tenant in danger (for example, an older person could be seriously injured if they slipped on a path waiting to be water-blasted). Providers of homes in other rental models usually have agreed annual budgets that cater for regular and emergency maintenance.
The pros and cons above are just a few of the many considerations you will need to investigate before you make a decision to rent. For more detailed information, check out Tenancy Services, and ask at your local council about rental options they may offer.
Admin - 1 month ago
Thank you so much for sharing your perspective – it’s really valuable to hear from someone who’s navigated this firsthand. You’re right that owning your own home comes with both advantages and responsibilities, and for many Kiwis, it’s a key part of financial security in retirement.
The article wasn’t meant to suggest renting is better than owning for everyone, but rather to highlight that for some seniors, especially those who may struggle with maintenance or affordability, renting can be a practical option to consider. Everyone’s situation is different – some have savings and a home they can comfortably stay in, while others may need alternatives.
It’s great to hear that you’ve been able to plan ahead and feel secure in your home, even with the uncertainties that come with housing costs and retirement planning. Your experience really shows why it’s so important for retirees to weigh all the options and choose what works best for their circumstances.