Year13’s Post

Escalating home prices are relinquishing the opportunity for many Young Australians to attain home ownership, and impact their potential to secure the means to start a small business. For people who aspire for more Australians to experience home ownership and self employment this is an issue of intense concern.

Young people worldwide are staying with their families for extended periods of time, leading to necessary adjustments in real estate markets. A recent study released by the London Assembly highlighted the obstacles young individuals encounter when trying to purchase homes, especially in expensive rental markets in major cities. This trend is prevalent in urban areas globally. Consequently, many young adults are opting to live with their parents for longer periods, leading to an increase in concealed households. The impact of concealed households on housing demand can be significant and often overlooked, with potential implications for overall economic growth. See more:

A recent Statistics Canada study reveals a strong connection between parents’ housing wealth and their adult children’s property values, particularly in expensive areas like Toronto, Vancouver, and Victoria. Around 17.3% of properties owned by individuals born in the 1990s were co-owned with their parents in 2021, with rates even higher in these pricey markets. The study suggests that parental assistance, including co-ownership and financial support, plays a significant role in helping young adults enter these expensive housing markets, potentially worsening inequalities in homeownership access. Immigrant parents are more likely to co-own properties with their adult children, indicating cultural influences on property ownership patterns.

Young people worldwide are staying with their families for extended periods of time, leading to necessary adjustments in real estate markets. A recent study released by the London Assembly highlighted the obstacles young individuals encounter when trying to purchase homes, especially in expensive rental markets in major cities. This trend is prevalent in urban areas globally. Consequently, many young adults are opting to live with their parents for longer periods, leading to an increase in concealed households. The impact of concealed households on housing demand can be significant and often overlooked, with potential implications for overall economic growth. See more:

Recent data shows that more young adults are living with their parents than at any time since the 1940s due to housing affordability. Learn more about these economic realities and their impact on the next generation. #rentaltrends

Young people all around the world are finding themselves staying with their families for extended periods of time, leading to necessary adjustments in real estate markets. A recent study from the London Assembly highlights the difficulties that young people encounter when trying to become homeowners, especially in cities where renting is expensive. This issue is prevalent in urban areas globally. As a result, more young adults are opting to live with their parents for longer periods, leading to an increase in concealed households. These concealed households can significantly impact the demand for housing, which in turn can affect economic growth on a larger scale.

Despite the common narrative of young adults eager to leave home, a significant number remain with their parents due to rising housing costs. A recent study by Apartment List reveals that 17% of adults aged 25-35 now live with their parents, up from 7% in 1970. This trend spans all regions and educational backgrounds, driven by economic necessity as rents soar. Discover the full scope of this growing phenomenon and its implications by reading the full article.

The fastest-growing property type within senior housing is active adult communities. Before it gets too much bigger, we should ask ourselves: Is “active adult” really the best name to market this product to the consumer? As I said in a side conversation at last week’s NIC Fall Conference, I don’t think it is. For starters, what does the term “active adult” say about residents in other types of senior housing? When they can no longer live in “active adult,” do they become inactive? Is it time to put them on ice? Because of what it implies about everyone else, I think “active adult” is an ageist phrase. That’s reason enough to make a change. But research also shows that people looking for active adult communities don’t use the term as they search. They’re much more likely to say they’re looking for “retirement communities” or “senior housing.” So the term is not yet well known or accepted by the customer we are targeting. That presents an opportunity. Given the growing popularity of active adult communities, now is the time to rebrand. Soon, it will be too late or, at a minimum, very costly and difficult, to rebrand once "active adult" is the accepted terminology among BoomX customers. I lean toward something like “lifestyle housing.” No matter the name, I think we need terminology that signals that these communities are aspirational settings — the sort of place Boomers and older Gen Xers will want to move into. I’m curious what you think: Is it time to rename active adult communities? If so, what should the new name be? I look forward to reading your opinions in the comments.

A report from UK Collaborative Centre for Housing Evidence suggests that the proportion of older people living in rental housing will more than treble by 2040, from 4% in 2022 to 13%. The report on behalf of Independent Age demonstrates the need for a new rental housing model that provides complete stability. The distress of being forced to move from your home is significant at any age, but more so for the over 65s reliant on community and social networks.

It's heartbreaking to see the number of renters with kids living in damp homes nearly double since the pandemic. According to BBC analysis, one in seven renters now faces this issue, with many too scared to report problems due to fear of eviction. The government intends to introduce The Renters' Rights Bill, aiming to end section 21 repossessions and require landlords to address hazards by extending Awaab’s Law to the PRS and bringing in a Decent Homes Standard. However, with rising rents exacerbating the situation for low-income families, more urgent reforms are needed. Improving communication between landlords and renters could help. When renters feel secure in reporting issues, landlords can address them more quickly, leading to healthier and safer homes. Interestingly, new data from the English Housing Survey shows that 82% of private renters are satisfied with their accommodation, compared to 74% in the social rented sector. Meera Chindooroy from the NRLA points out that while there are challenges, most renters are happy with their homes and the services their landlords provide. We definitely need more homes of all tenure to bring rents down and better ways for landlords and renters to work together. When renters feel safe to report issues without fear, landlords can sort out problems faster, making homes safer and healthier for everyone. How do you think we can improve the situation for renters facing damp and unsafe housing? Do you believe the government's proposed reforms will make a difference, or is there something else that needs to be done? National Residential Landlords Association - NRLA Safe2 Ltd #HousingCrisis #RentersStruggle #DampHomes #AffordableHousing #UKHousing #TenantRights