Development approval has now been granted for a long-term lifestyle rental community in Yarrawonga. Developed and managed by Providence Lifestyle Yarrawonga, residents will be able to lease one, two or three-bedroom homes in a secure, gated community for between 10 and 19 years, with no entry or exit fees or quarterly rent inspections and no market reviews for the term of the lease.
Providence Yarrawonga Director Michael Ibbotson said the concept addressed a gap in the market and would give seniors struggling with housing affordability, security or rental issues a fresh option.
“Many over 50s don’t want to tie up their money in property – or it doesn’t suit their financial position – and many are reticent to rent short-term because it doesn’t offer them enough security and certainty and moving house every 12 months is harder when you’re over 50,” said Mr Ibbotson.
“Build-to-rent boutique lifestyle communities address these issues and operate in just the same way as renting a private home so, in time, they will play a part in easing the rental crisis for seniors.”
Residents have access to communal facilities including a clubhouse, alfresco area, bowling green and pets are allowed as each 6-star energy rated home is on its own fenced lot with a private garden and entertaining area.
Mr Ibbotson said the project was attracting a high level of interest from downsizers, ‘rightsizers’ and retirees who want to move from the city.
“We believe these build-to-rent boutique lifestyle communities are the way of the future and predict they’ll become commonplace, just as build-to-buy lifestyle villages have,” he said.
“The tenure security, facilities and companionship on offer caters to a growing but underserviced demographic.
“We’re also finding the pandemic has prompted many people to place a greater emphasis on safe social connection, further boosting demand for community living spaced in the right way and detached housing brings a more spacious resort feel than high-rise apartments.”
Weekly rental fees start from $309* a week and there are no rates or taxes.
Providence Rental Lifestyle Community Yarrawonga is expected to start construction later this year.
By popular demand they will are conducting a new seminar on Saturday, June 18 at 10am for a 10.30am start at the Yarrawonga Mulwala Golf Club Resort. Only 60 tickets per seminar available with morning tea and coffee provided.
For more details or to book your spot go to www.yarrawonga.providencelifestyle.com.au or contact Yarrawonga Lifestyle Coordinator Karen Van der Steeg on 0457 755 981.
