At a time when rental costs are skyrocketing, a blast from the past has emerged, taking us back to the good old days when renting a home didn’t break the bank.

A rental ad from 1976, recently uncovered in an old cupboard, is making waves on Reddit’s ‘Adelaide’ thread, sparking nostalgia for a time when the housing market was much more tenant-friendly.

The ad, shared by a Reddit user with the caption, “Friend found this clearing out her ol man’s cupboard… be prepared.”

Among the many listings, the ad reveals a two-bedroom apartment in North Plymptom, South Australia, complete with a carport and kitchen, all for the unbelievably modest price of $35 a week.

Fellow Reddit users couldn’t help but share their reactions, reminiscing about a time when life seemed simpler. One user fondly recalled, “Back in my day, you could walk into a grocery store with $2 in your pocket and walk out with a loaf of bread, a dozen eggs, 1kg of lamb chops, bag of potatoes, and a bit of butter as well.”

The irony of the situation was not lost on another user, who remarked, “The majority of rentals today haven’t had anything other than some kitchen joinery and about 50 layers of paint since they were rented out back in the 70s.”

Amidst the nostalgia, some users couldn’t resist blaming the current state of affairs on the government, with one stating, “Thank our corrupt government for Australia going so downhill.”

Personal anecdotes poured in, adding depth to the discussion. One user shared, “When I was young, a friend and I got a fully furnished 2-bedroom rental near Hawksburn station (South Yarra) for $40 per week in the late ’70s. We had only recently started working casual jobs, and it is doubtful the agents even confirmed this.”

The stark contrast between then and now was highlighted by another user who reflected, “This is pretty depressing considering what it costs now as a percentage of income. I am super lucky in Melbourne; I haven’t had a rent rise in 7 years and am still only paying $370 a week, which is approximately 30% of my income. My neighbors pay $500 a week for the same home two doors down.”

The listing comes as a new report uncovered an alarming trend: a rising number of older Australians are at risk of homelessness, with retiree renters being left behind in an increasingly fragile housing market.

And according to the Grattan Institute, the situation is set to get worse.

The research paints a grim picture, with two in three retirees who rent in the private market living in poverty and half of older renters with less than $25,000 in savings.

With minimal savings, many older renters are faced with an uncertain future, one in which they may no longer be able to afford rising rental prices during their retirement.

The situation is particularly dire for the poorest 40 per cent of renting households between the ages of 55 and 64 who have less than $40,000 in net financial wealth.

“Today’s low-income renters are tomorrow’s renting retirees,” the report said.

In response to the findings, Brendan Coates, the lead author of the report, has called on the Federal Government to take immediate action by boosting the Commonwealth Rent Assistance (CRA) scheme. He urges a 50 per cent increase for single retirees and a 40 per cent boost for couples, with payments also being indexed to keep up with inflation.

“Australia is failing too many retirees who rent,” Coates said.

“Only a further substantial boost to rent assistance can ensure that all Australians get the dignified retirement they deserve.”