Ingenia CEO Simon Owen explains why manufactured home estates provide an appealing solution to the affordable housing market and the fundamentals of their business case. His presentation was made at the LEADERS SUMMIT in March 2015.
Manufactured home estates are an alternative accommodation model to retirement villages, attracting residents aged 65 to 75. Evolving out of permanent residency in caravan park type locations, the residents purchase the physical building that is their home but rent the land that the home sits upon. If they are a pensioner they can receive rental support from Centrelink.
The homes are prefabricated; in most states they are manufactured off site and delivered by a truck where they are assembled. Retirement village homes are traditional cottage construction, mostly brick and tile, on the village campus.
Ingenia also owns and operates approximately 30 rental villages across Australia and Mr Owen reviews why they appeal to residents and the business case for operators. Most residents of rental villages are aged 80+.