Any long term renters in? Do you worry about your future?

[Deleted User]

It's something I never really thought about until I heard a discussion on the radio this week.

I'm in my 40s now, been renting 20 years, had about 6 moves within that time.  Through various life circumstances and with renting at the same time I've never been able to get a mortgage.  

During them 20 years, I've seen renting stock dwindle and dwindle and rent prices rise and rise.  I have a cousin who has had to split up his family and move home as his landlord sold up, so he and his son live at his parents, the wife and daughter live at their parents, it's quite a situation and one I fear I may be in shortly myself because if rent prices rise any more and they will as we won't be able to afford it either even with working two jobs.

Judging by the phone in's to this radio show I'm not alone,  a situation that could be fixed by the government building more social housing rather than focusing on keeping landlords sweet.

Cruncher8934

Yep Im worried. I've been renting 14years, since I was 20. I've lived in 8 different rentals and just applied for my 9th. 9th is on new area so a big move.  Been house hunting for around 5 months before finally getting picked to proceed to credit referencing for a house. It's now a landlords market, with very few houses but hundreds of families applying so landlords can cherry pick who they want. It's been a week since I paid holding deposit and started the referencing on Tuesday but still none the wiser on whether we got it.  It seems the criteria for renting is getting harder. 

Ducktard

I sold my house a while ago and moved in to rented in a new area. I am thinking of buying a place to rent out in my old town so my equity doesn’t lose pace with the market but I am worried about dodgy tenants- wrecking the place, not paying the rent, etc. I think a lot of landlords and potential landlords are the same.

Ksw3

I'm looking to buy so have a few more options. My main concern with renting would be if I had children or was still renting in retirement. If you get a good responsible landlord than it can help with the feeling of security but it would be very hard to leave a home behind if you've been there a while. 

The situation where I am is that if you want a rental the agents are now asking people to bid how much they are willing to pay per month which I think is ridiculous so I'm worried if we were evicted from our current place just how much of our salary would have to be spent on rent. 

lookstraightahead

I think this country had a big issue with home ownership, and over eggs it.. If you have the finances behind you then I don't think it matters so much - but it's the vulnerability of being homeless because people think they 'have' to own so there's less rentals.

it's to do with financial security I think, rather than owning a home. 

[Deleted User]

Ksw3 said:

I'm looking to buy so have a few more options. My main concern with renting would be if I had children or was still renting in retirement. If you get a good responsible landlord than it can help with the feeling of security but it would be very hard to leave a home behind if you've been there a while. 

The situation where I am is that if you want a rental the agents are now asking people to bid how much they are willing to pay per month which I think is ridiculous so I'm worried if we were evicted from our current place just how much of our salary would have to be spent on rent. 

Yes I know exactly what you mean, I have kids myself, I won't have to worry about retirement because with renting the realty is I'll probably have to work until I drop, I don't have a private pension anyway so unless I win the lottery I will never be able to retire which is a lovely thought but it is what it is.

Yes the bidding I have noticed happening around here to, I am guessing because there is no stock.  I'm renting 20 years, when I started renting on average at least 10 new properties per month would go up around here which is a fairly small town, I looked just now and over the past month there has been 2 and none are really suitable for a family.

[Deleted User]

I've just worked out, over the past 20 years of renting, roughly I have spent £150K on rent.  Would have bought me a house 

boxer234

Yes I am worried ! I have been looking to buy but with a small deposit it’s difficult and the housing market is crazy.  I’m on a good wage but my rent is really high. When I rented this place a few years ago it was easy to find a place even with two dogs.  If we have to move we might struggle now. 

I’ve been considering shared ownership which is at from ideal.  I am single and plan to stay that way but it is harder financially.  I worry about retirement and job loss.  

ProDave

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

boxer234

ProDave said:

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

We know this is why we are worried 
If you can’t afford to buy how can you afford a big pension? 

[Deleted User]

ProDave said:

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

boxer234 said:

ProDave said:

The biggest problem for long term renters is retirement.  If planning to rent for your whole life then you have better be putting a LOT more into your pension provision so you can carry on paying rent when you have retired.

Most home owners have paid off their mortgage and own the house outright by retirement, so the cost of living and therefore pension required for retirement is a lot less.

We know this is why we are worried 
If you can’t afford to buy how can you afford a big pension? 

I've pretty much given up on retirement, I've no private pension, couldn't afford it.  So there is effectively no retirement for the likes of me, the worry is when I am too old for work or have health issues meaning I can't work I will effectively end up homeless.  I'm willing to be this is a problem that comes to bite the goverment on the !!!!!! in years to come.  Lack of any affordable housing and backing private landlords for votes has caused this problem.