Providence Lifestyle, owned by Dean Cook and Michael Ibbotson, has development approval for an Over-50s rental community at Yarrawonga, on the south bank of the Murray River in Victoria.

With rents from $309 to $649 after a single pension rebate, Providence Lifestyle hopes to begin construction of the gated community after approval from Moira Shire Council.

The company is holding seminars monthly at the SEBEL Silverwoods Yarrawonga to inform the community about the project. Yarrawonga has a population of almost 8,000 people.

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.

Dean, a director, said the concept addressed a gap in the market and would give seniors struggling with housing affordability, security or rental issues a fresh option. Providence Lifestyle also has Over-50s rental villages in Haynes and in Mandurah, WA, and operates a residential community in Piara Waters, WA.

“Many over 50s do not 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,” Mr Cook said.

“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.”