Older adults and students sharing a home: one solution to the student housing crisis

This means a group of people who will be our next generation of thinkers, leaders, innovators, and creators are already living in poverty. From severe food insecurity to the high cost of living, increased tuition rates and debt, intense enrolment and job competition, safety and mental health challenges, and lack of affordable housing, students are struggling when they should be focused on success.

And all these challenges are even greater for international students who face higher tuition costs as well as social isolation from being away from home. International students are also more vulnerable to tuition and immigration scams, precarious admission offers, and landlords offering poor living conditions.

So, what’s the solution?

There likely isn’t a silver bullet. The student housing crisis is being driven by a variety of factors that includes inflation, reduced supply and the proliferation of short-term rentals — all of which is affecting all renters in Canada. 

But one thing that could help students is homesharing with an older adult with a spare room.

By some counts, Ontario has some 5 million spare rooms. That’s because there are lots of empty-nester older adults with large homes. And because some older adults on fixed incomes are also struggling with inflation and housing insecurity, renting a room to a student can give financial as well as health benefits.

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For one thing, loneliness is a health risk. Insufficient connection comes with a 29 per cent increased risk of heart disease, a 32 per cent increased risk of stroke, and a 50 per cent increased risk of developing dementia for older adults. A lack of social connection also increases the risk of premature death by more than 60 per cent.

That’s why a lot of people who work with older adults and students are seeing the opportunity in making it easier for older adults to rent a room to students. Older adults could get the companionship and help around the house they might need, and students could benefit from lower costs, a stable home environment and a valuable connection to wise and experienced older adults as they complete their studies.

Intergenerational home sharing has been a pilot project of several governments and foundations in Canada. However, historically, once the funding dries up and the program ends, so does the social and economic benefit to students and older adults. If we are going to make homesharing work, it has to be sustainable. That’s where the private sector can play a role.

The housing crisis is what led my colleague and I to start a company that matches students who are looking for safe and affordable homesharing with older adult hosts in a way that is sustainable and builds community. We have already signed on a several post-secondary partners across Canada, but we can’t do this work alone.

One change that could make a huge difference in homesharing would be a federal tax credit for older adults who rent a room to a student. This would put more money back into the pockets of older Canadians and give them even more reasons to open their homes. That’s just one example of a regulatory change that could make a big difference. Older adults deserve nothing less.

After a lifetime of building a career, a family and a country, older Canadians deserve to be able to healthily age in place. And while it might be a bit daunting opening your home to a stranger, our experience is that well-matched students and older adults quickly become good friends. If you’re an older adult who is curious about homesharing, we’ve created a place where you can feel safe and secure in doing so.