- 3 June 2019
- Posted by: Canberra Innovation Network
- Category: General News
YWCA Canberra has launched an innovative new charitable property management model that allows Canberra homeowners to give back to the community. Chief Executive Officer of YWCA Canberra, Frances Crimmins, believes everyone has a right to an affordable, appropriate and secure place to call home which is how Rentwell came about.
The innovative model aims to pair Canberrans who are struggling to maintain tenancies in the mainstream rental market with Canberra properties at less than 75% of the market rental rate.
With the Canberra population growing so rapidly, it puts pressure on land availability and rent prices. As well as high income and low unemployment levels, the less advantaged have been pushed into social housing or homelessness. Low to moderate income earners are forced to spend more than 30% of their income on rent, something Rentwell is trying to solve this problem with the help of Canberrans.
Rentwell is hoping to have 25 rental properties by the end of the 2910 – 2020 financial year to start with, expanding to 80 properties the year after that.
By entering an agreement with YWCA Canberra, the homeowners allow for them to find eligible tenants and sub-lease the property to these tenants at 75% below market rate. Homeowners in this system are eligible for a land tax exemption through the ACT revenue office, as well as tax deductible gift receipts from YWCA Canberra for any foregone rent.
YWCA Canberra are using Rentwell to provide safe affordable housing to people with low to moderate incomes, primarily focusing on older women, they are also housing younger women and women with children. “If you own an investment property in the ACT and want to make a lasting difference in the life of a local older woman, single mum or dad, or a family, this is your opportunity” Ms Crimmins said. Rentwell already has one property owned by Krishna Sadhana, who was happy to provide secure affordable housing as she was contributing to the eradication of homelessness in her own small way.
YWCA Canberra already provides housing support to women and the broader Canberra community, Rentwell became their next big innovative idea to give back to the community.
If you would like to know more, visit their website: https://www.rentwell.com.au/