To wonder how people who rent are able to retire?

[incorruptibledream]

How do people who rent pay rent on a pension? Do renters have to move into over 65 type accommodation with cheaper rent or is help available?

Single, disabled, renting, not allowed to save enough to pay a deposit even if I had the means. No pension as I've missed a couple of years of NI payments and have never worked a job with a pension included so.... literally no idea what I'll do if I survive long enough. My parents thankfully own outright, although it's an utter heap, thick mould and ceiling coming down but it's owned. Both retired but both do anything they can for money, cleaning, deliveries, anything even though both have health issues. But that's how it goes now. If I hadn't got ill I'd be contributing to them in some way and this gives me incredible levels of guilt.

I wonder this too. Currently those on the lowest incomes will get housing benefit, but that might change. Some may find with small private pensions in addition to the state pension they are not on an income low enough to qualify for housing benefit so their small private pension will go on rent and they will have the same disposable income as those on just state pension and housing benefit?

I was reading the other day housing prices in Germany haven't risen anywhere like they have there. On top of that there is better rent controls for renters and State pension is more generous. Our housing market is an utter mess for many.

Argh, apologies for typos above! 'Like they have here'

A lot of people think housing benefit covers rent and often it just doesn't, I know when I got ill and applied I found it covered 1/3 of my rent (Greater London) so you are pretty much forced to move, which is another massive expense and not what you need at retirement age, particularly if it forces you away from where you've lived all your life and all family support. Rent costs are insane.

Vivienmary
Whereas people renting then the landlords pick up the bill for repairs. And they'll get most of their rent paid by HB.

HB will not necessarily pay even a fraction of rents in 20 years.
Landlords pass on maintenance costs to tenants.

Pensions, against which HB is offset, can fluctuate depending on the value of Sterling.

@GoldilocksAndtheThreePears, you are absolutely right, housing benefit in London, SE and other expensive areas does not cover anywhere near full rent anymore. I lived in London 13 years ago and due to illness could not work. My housing benefit covered all my rent. I looked up local housing allowance rate for that area currently I would be over £200 short each month and would have had to move away if I was still living down there.

I live in Cornwall where the wages are low and the rent is high (seaside town overpopulated by students). I am a single parent on a low wage, and housing benefit covers about half of my rent. Thankfully my landlord has never put the rent up. I'd be fucked if he did.
I'll be honest, retiring is usually the last on my mind. Maybe I need to start putting some money away...

I claim pension credit with DH as I've never been able to save for a pension due to being on a low income. We rent a council house in London and due to pension credit, we are automatically awarded maximum housing benefit, which covers the full rent without any shortfall, and full council tax is covered too. I've been claiming pension credit since I was 59 as DH became eligible then, and also claimed PIP around the same time due to an accident. DH also gets PIP due to his disability.We get about £480pw total in pension credit, carers allowance and PIP which is OK to manage on. It might not be a lot to other people but I never earned more than £17k in my old job, and DH was out of work for years due to his disability, so we are used to budgeting on a low income and so our standard of living hasn't changed much.

People who've had the same council/HA tenancy for many years will be in a better position than more recent tenants; social housing rents on newer tenancies are much higher than they were.

Fuck knows. I can barely keep my head above water as it is. Had to go back to self employment due to having a disabled DS so no pension. Never going to be able to buy. I know from experience that LLs hate renting to housing benefit tenants, so even if the state did pay my rent I probably wouldn’t be able to find anywhere.

Dementia runs in my family so I’ll probably just chuck myself off a bridge.

Perhaps it will be the end of the house price bubble and the ridiculous prices will come down. If nobody can afford the rent then rent will fall
Changes in the way that rental income is taxed mean that being a landlord is no longer profitable for many landlords, some will be forced to sell at a price lower than they would like to thus freeing up some property for would be first time buyers who previously couldn't get on the ladder.

In many cases the rent charged by landlords only just covers costs... the profit lies in the capital gains on property and the fact that owning property means that you can obtain credit to buy further property and expand your Empire... Meanwhile would be homeowners are unable to get mortgages and so instead of investing their earnings into a roof over their head and a secure future they are forced to pay money to a landlord to fund his or her retirement.
If landlords are unable to obtain the rent that they need to stay Afloat then they won't be able to afford to take a lower rent they will have to sell up.

All this may help to deflate the property bubble but we still have the problem of foreign investors parking money in London property and just leaving it empty

My parents are in rented sheltered accommodation
They get pension credit and don’t pay any rent or council tax
They get attendance allowance and with small work pensions along with state pension manage very well
I hope I am as fortunate - DM retired at 51 - I’ll be working till at least 68

If corbyn gets in and implements his student politics, being a one or two property private landlord will be too risky. Many will evict and sell ( I certainly will). That will increase supply for those who can buy but it won't change mortgage availability.

The law abiding landlords will be driven out. The rachman types won't and will have a field day, and student policies don't include enforcement and raising of standards. Good luck with that one.