Friday, June 14, 2024

The Number of Older Adults and Students Living Together Is Growing Amid Soaring Rents

Students are contending with rents on the rise, while older adults are working out ways they can age in place – which is behind the growing trend of the two demographics living together.

A program, Canada HomeShare, partners students who are looking for budget-friendly rent with older adults who have extra room in their homes while also needing additional support at home. Canada HomeShare, a program that partners students seeking affordable rent with seniors who have an extra room and need additional support. Another factor that’s playing a role in this growing trend, as reported by Yahoo Finance? Many universities have a backlog of students who are seeking on-campus housing.

With regards to how it works, both students and older adults (everyone goes through a police check) apply to Canada HomeShare to be matched. The average rent via the program ranges from $400 to $600. It started as a pilot program with the City of Toronto in 2018, and now serves Toronto, Peterborough, Peel, Metro Vancouver and Kingston, and this fall it’s launching in Edmonton and Fredericton.

Besides helping students find affordable housing, the program allows older adults to feel less isolated and lonely, while also allowing them to save money for technologies that support aging in place.

For more about how Canada HomeShare is expanding its reach, along with how local communities are driving the program’s expansion, read the full Yahoo Finance article here.

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