Derby has got a ‘Rentirement’ Time Bomb

I’ve created a new word! Yes, I said ‘rentirement’, not retirement. Let me define it: rentirement , Renters who are currently in their 50’s and 60’s who don’t own their own home but rent their home, privately, from a buy to let landlord.

In Derby, there are just under 2000 rentirees and this number is growing steadily! In nearby Burton, there are just under 800.

The truth is that these Derby people are prospectively soon to retire with little more than their state pension of £155.95 per week, probably with a small private pension of a couple of hundred pounds a month, meaning the average Derby rentiree can expect to bring in about £200 per week once they retire at 67.

The ‘Rentirement’ Time Bomb

The average rent in Derby is £601 per month, so, a lot of the retirement “income” will be taken up in rent. This means that the remainder will have to be paid for out their savings or the taxpayer will have to contribute and, with life expectancy currently in the mid to late 80’s, that is quite a big bill…  a total of £275,354,160 over the 20 odd years after retirement to be paid from the tenant’s savings or the taxpayers coffers!

You might say it’s not fair for Derby tax payers to pick up the bill and that these mature Derby renters should start saving thousands of pounds a year now to be able to afford their rent in retirement.  However, in many circumstances, the reason these people are privately renting in the first place is that they were never able to find the money for a mortgage deposit on their home, or didn’t earn enough to qualify for a mortgage. Now, as they approach retirement with hope of a nice council bungalow, that hope is diminishing because of the council house sell off in the 1980’s!

For a change, the Derby 30 to 40 somethings will be better off, as their parents are more likely to be homeowners and cascade their equity down the line when their parents pass away.  For example, that is what is happening in Europe where renting is common, the majority of people rent in their 20’s, 30’s and 40’s, but by the time they hit 50’s and 60’s (and retirement), they will invest the money they have inherited from their parents passing away and buy their own home.

What about Derby Landlords?

Have you noticed how the new homes builders don’t build bungalows anymore? In fact some would said the ‘bungalow storey’ is over (sorry).  The depleting number of bungalows being built has more to do with supply than demand.  The fact is that for new homes builders there is more money in constructing houses than there is in constructing bungalows.  Bungalows are voracious when it comes to land they need as because bungalow has a larger footprint for the same amount of square meterage as a two/three storey house due to the fact they are on one level instead of two or three.

That means, as demand will continue to rise for bungalows supply will remain the same.  We all know what happens when demand outs strips supply … prices (i.e. rents) for bungalows will inevitably go up.

A landlord with his or her finger on the pulse may well start looking for a bargain bungalow to add to his rental portfolio – it could be a very astute purchase!

Give me a shout if you would like to discuss any aspect of the Derby property market and I’ll do my best to help!

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