What Will happen when Generation Rent Retire?

Kermit.de.frog

You're all doing it wrong. Get on the housing list.

https://www.independent.ie/irish-news/old-harbour-cottages-to-be-given-a-new-lease-of-life-as-social-housing-41650655.html

Who wouldn’t yearn for a waterfront dwelling, particularly one with a footprint in Dún Laoghaire harbour overlooking Dublin Bay?

Indeed.

Xidu

Do u know in HongKong 90% people live in 60sq m apartment and I am talking about 2 generation living together

if u go on tiktok or Instagram you might see people showing 10sq meter apartments for single persons

basically have to use up every inch space and even wall space for living.

be grateful of what Ireland has.

I have traveled and lived in different countries and I can say Ireland is in a way better situation than most of the other countries.

maestroamado

https://www.boards.ie/discussion/comment/119072003#Comment_119072003

I wonder if i can lodge an objection as surely these houses are too nice for common folk... this is surely a mistake...

Fallout2022

What Will happen when Generation Rent Retire?

Well it would help if they at least stepped it over a six month period.

All going the same day is making things awkward.

monkeybutter

https://www.boards.ie/discussion/comment/119072003#Comment_119072003

You would end up dying before you'd get off the list

riclad

Maybe they'll live in rural areas where rent is lower, I don't think any politican thinks about plans 10 to 20 years from now. in many American city's many people don't retire, they just work at Walmart,drive a bus. they simply can't afford to retire. Our Politicans will all have large pensions why should they worry? Some young people will simply move into the family home, I don't want to think about what rents will be in 10 years time. There has to be x per cent of young people working to pay taxs so that old people can get hap rent allowance.

oceanman

https://www.boards.ie/discussion/comment/119069448#Comment_119069448

35,000 by 2024 is not going to come near solving the problem.

Jim2007

https://www.boards.ie/discussion/comment/119073466#Comment_119073466

When everyone’s expectations is to own a house and they are willing to take huge amounts of debt to do so, the problem is unsolvable.

hayse

Free accommodation to over 55s who are on low income. The government need to intervene and tackle this head on.

is_that_so

https://www.boards.ie/discussion/comment/119073466#Comment_119073466

I didn't suggest it would but it is the required annual target and a more useful base to kick off from. There is absolutely no easy fix to it no matter what some quarters claim but we should see a better housing situation into the second half of the decade.

ancapailldorcha

https://www.boards.ie/discussion/comment/119073643#Comment_119073643

What is the basis for this? A broken property market immensely suits those already on the ladder. No government is going to tell homeowners that their assets are going to drop in value.

is_that_so

https://www.boards.ie/discussion/comment/119073732#Comment_119073732

If you're into CT this is true. Can't say I know many who are continually obsessed with the asset value of their homes. Once people settle on an "ideal home" they tend to stay there. A broken market suits absolutely nobody especially the incumbents when a promised SF magic wand version could propel them to power. That and the social responsibility to fix it is what will push them forward on it. They will probably get some things wrong and we may well still be in an imperfect situation at the end of the decade but inaction or seeking out a perfect solution is not the way to go.

https://www.boards.ie/discussion/comment/119073764#Comment_119073764

that depends on whether FG decide that winningnthe next election is as important as harming their core vote, which is always going to be the class that want property and wealth concentrated and earning for the right type

FG could have taken many steps to increase supply available in the past decade and more and have chosen not to do so, that's pretty much undeniable.

is_that_so

https://www.boards.ie/discussion/comment/119073774#Comment_119073774

Well TBF they did give money to councils from about 2018 to start building social homes, few did and what they built was in very small numbers. We are still playing catch-up from 2011-2016 where almost nothing was built. Not sure what this means BTW, their core vote, as no party has much more than 20% of a core vote. The rest are floating voters in varying guises and can vote right across the spectrum if the mood takes them. Why would a government party or any party not want to win an election?

Gusser09

And get ready for it now. There is going to be an even bigger collapse in the supply of housing. Yes we are probably on our way to higher interest rates coupled with inflation but as long as there remains pretty much no houses to buy compared to the amount of people looking to buy them then prices will stay in the clouds.

It'll also be harder to get any decent wedge off the banks.

It's time to stop voting ffg and give the other side a shot.

https://www.boards.ie/discussion/comment/119073802#Comment_119073802

all fair points but they consistently leave as much as possible to the councils and drag their heels on the issue when its the main political topic of the past 8 or 9 years

i think parties decide not to go into govt all the time! SF last election ducked out.

for FG, the things that are being called for that would address housing for are simply not the kind of measures they agree with as a core belief group. earn yr house (HTB by some measure i think the most successful step theyve pushed) and make sure to pay into thr pot while doing so

free 4eva houses 4 all? paid for by working stiffs? beside professionals? not something FG are ever going to back because yeah they may only have a core 20% vote but the year after they made that happen theyd have a core 10% vote.

Gusser09

https://www.boards.ie/discussion/comment/119073127#Comment_119073127

Yes these houses are reserved for scrounger and waster. Not for folks who have worked all their lives and contributed.

Patrick2010

Not to forget Roderick O Gormans promise of own door accommodation for asylum seekers within 3 months of arrival in Ireland, thats bound to attract serious numbers to add to the existing housing lists.

JimmyVik

https://www.boards.ie/discussion/comment/119071704#Comment_119071704

And in 5 years you're mortgage will be zero. Well played you. Genuinely.

highdef

https://www.boards.ie/discussion/2058245863/what-will-happen-when-generation-rent-retire

I moved from Dublin to north Kildare 13 years ago. Still very much within the commuter belt. Recently bought a house in a rural spot in the midlands. I've no desire to be living in Dublin as it's not the Mecca that many people think it is. There are a few nice areas but overall, Dublin City has gone VERY downhill in recent years and I'm perfectly fine to be rid of it. I only travel to Dublin on the few days that I need to travel to the office and even then, I'm only a couple of kilometres inside the M50. Funnily enough, the area where I work when I do travel to Dublin has gone from being a complete dive from when I started working in that area 21 years ago to what is now a relatively nice area.....in comparison anyway.

What makes you think that it's clear that people are not leaving Dublin for rural areas? I'm a Dub who moved from Dublin to a rural area so your statement is already false.

Dial Hard

I love how this is framed as all the fault of Dubs with notions who won't just move to the sticks. What about all the people from the country who move to Dublin? Do they get a pass cause that's where the jobs are? Cause shock horror, that applies to Dubs too.

The fact is that the market is broken for a number of reasons, most going back decades, and no one simplistic approach is going to fix it. Despite what people would like to think about Sinn Fein.

Dravokivich

https://www.boards.ie/discussion/comment/119072244#Comment_119072244

Just because someone else's situation is worse than mine, doesn't mean I should concede to the poor situation I'm in as something that is aspirational.

JustJoe7240

https://www.boards.ie/discussion/comment/119074064#Comment_119074064

Difference is you won't hear the same sense of entitlement from them. It's simple, if they have the means and wish to live in Dublin, They will. If they don't, they wont.

ancapailldorcha

https://www.boards.ie/discussion/comment/119073764#Comment_119073764

It's not a CT, it's politics. I'd say the CT is pretending it's all going to be fine without laying out a potential framework for that to happen. NIMBYism is everywhere and it is that way for a reason. In my experience, a lot of people are keen for their homes to grow in value. This isn't compatible with fixing the housing crisis unless radical action is taken.

hello2020

https://www.boards.ie/discussion/comment/119070691#Comment_119070691

India is a unique example of a country where the corrupt government does nothing for its poor leaving them to die on the streets while spending billions on mars mission n fancy weapons..

having said that, housing is very different to Ireland. Poor people just build a small hut/house using whatever material they can source on a tiny tiny piece of land far outside the city..

Rich people keep adding extra floors/stories to their apartment buildings creating multiple houses in small areas without any planning permission..

result is a very chaotic congested cities with lots of traffic etc but it provides a roof for poor and middle class people in a country with corrupt government n no social welfare !

In Ireland tax paying citizens do not have freedom to build their own house or even a room and solely depends on private builders which means price keep going Up..

Cape Clear

Few people had to buy at the top of the market in 2008 as there was an abundance of cheaper renting options. The problem was that people chose to borrow sums they couldn't afford to repay once the crash hit. Different story now with low availability of properties for rent. Maybe the taxpayer should be getting something in return for their €30K help to buy developer's donation especially when this is going to people that previously could well afford to borrow more but are precluded from doing so under tighter central bank rules.

Potatoeman

https://www.boards.ie/discussion/comment/119076612#Comment_119076612

The boom was over ten years. That’s a long wait. The last few was when the cracks started showing. Rents had started to creep up too.

The declining fertility rate should decrease the population but immigration might nullify that. I would suggest alot more one bedroom apartments need to be built. Alot of old people in retirement own a 3 bed semi with their children moved out, but they cant downsize for various reasons.

riclad

What will happen is taxs will rise on personal income, the retirement age will gradually rise, you. ll have no choice, you have to put x amount into a pension scheme, 5to 10 per cent. I think some people are living 3 to 4 in a 2bed apartment in dublin

. Japan has a low population crisis, low fertility rate, alot of single people never get married, there's towns where one third of the houses are empty. They limit immigration. Houses are cheap in rural areas.

I think WFH is a permanent trend option, more people will move to rural areas if they can work from home. I think more people will leave Dublin when they realise I will never be able to buy a house as prices rise every year.

FishOnABike

https://www.boards.ie/discussion/comment/119071765#Comment_119071765

4K per month is more than many people's gross pay. Take away tax, rent, transport, food, utilities, etc... and there's not much left to save.

maninasia

https://www.boards.ie/discussion/comment/119071079#Comment_119071079

Did you open your eyes and see the amount of immigration in Dublin city. Have you been following how many refugees are coming in over the last month.

How would that not have a large impact on the demand exactly?

‘’April 2020 - April2021

More people arrived than left

A breakdown of the figures shows the number of immigrants to the State in the year to last April was estimated at 65,200, while the number of emigrants during the same period was about 54,000, showing more people arrived than left.

Irish nationals accounted for 30,200, or 46.3%, of the 65,200 immigrants to Ireland – the highest number of returning Irish nationals since 2007.‘’

riclad

I presume they are living in flats 2 to a room, or apartments, I think the average 20 year old

can only try and save maybe 10 per cent of your income and hope to meet a partner to team up with to buy a 1bed apartment . Maybe live at home with parents and try and save for an apartment . I think the average young person should maybe give up on buying a house in a city area, unless you are on 50k plus salary

, there's simply a tiny amount of houses for sale versus the demand for a place to live . Canada has put a ban in place to stop non Canadians buying houses to maybe give ordinary Canadian workers a chance to buy a home. This is an international problem its happening in Canada, America, Australian city's

Annasopra

https://www.boards.ie/discussion/comment/119061058#Comment_119061058

Not at all. The housing crisis is f*cked up and of course there will be huge crisis of retired homeless people in 30/40 years

Annasopra

https://www.boards.ie/discussion/comment/119061090#Comment_119061090

A How are people supposed to save on the criminally high rents now

B The OP was talking about this on a largescale basis about how its clear that there will be a massive housing crisis in 30ish years amongst older retired people

Annasopra

https://www.boards.ie/discussion/comment/119061346#Comment_119061346

Wow just wow. Blame the people who cant afford to pay rent for low pay and high rents 🙄

Esse85

https://www.boards.ie/discussion/comment/119088140#Comment_119088140

Have an up to date CV

Get better paid jobs.

Educate and upskill, add to CV.

Work harder/longer.

Seek promotion.

Create a budget and stick to it.

Reduce un-necessary outgoings.

Be really careful around family planning.

Most of that sounds like too much hard work and hassle and therefore most won't do it but will instead find excuses and blame the government.

Deeec

The thing is buying a house was always expensive. Ask anyone that has ever bought a house and they will tell you it wasnt easy and involved alot of saving and sacrificing. To both myself and my husband owning our own home was our most important goal. To do this we sacrificed nice clothes, holidays, nights out - all the luxury extras in life in order to have our home. This point is missed by alot of people - they still want the nice cars, designer clothes, holidays and mini breaks and then complain that they cant save and buy a home. Im in my early 40's and have several friends like this - they earn good money but waste it on stuff they dont need and then moan about how hard it is to buy a property.

If you cant afford to buy in Dublin then get out of Dublin. There is also nothing wrong with moving back in with parents to save - get over it and do it.

I do feel sorry for anyone on a low salary that is renting - anyone in this situation should avail of all the supports there is out there.

Annasopra

https://www.boards.ie/discussion/comment/119088172#Comment_119088172

Ah ok. High rents and Low wages are not an issue 🤣

Esse85

How do you think people get to afford high rent in the first place?

Aside from having rich parents, doing crime.

What advice would you give to a person with ambitions to live in Dublin and own their own property? Say your 21 year old son or daughter asked you.

ancapailldorcha

https://www.boards.ie/discussion/comment/119088172#Comment_119088172

I've no idea why people think that pithy ageist nonsense such as the above will solve anything. Aside from satisfying some people's urge to sneer at others of course.

Kermit.de.frog

https://www.boards.ie/discussion/comment/119088288#Comment_119088288

Follow the right career path for you, stay on that path and wages won't be the issue.

Today we've brought up a whole generation who are the most entitled in history. A lot of gig working jumping from this to the other. Years and years being spent in College. Less career stability out of choice. Too proud for some things.

Take one look at LinkedIn.

How many 'Senior' this, 'Chief' that do see on there from people in their 20's?

All bullshit for the most part.

I mean, one look at LinkedIn and you'd be forgiven for thinking that the whole lot are supremely gifted and minted leaders with big titles by their early 20's.

I mentioned trades as an example. Lots of working class trades men have always done really well for themselves in the end because there is money in a trade.

But you wouldnt know it by how the middle go about things (at least 90%) who are too good for that.

Snobbery.

Civil Service?

Solid income job fairly sharpish, pension, job security.

Don't want to do that either. Too boring.

(Harder to claim you're Chief of this that and the other too id imagine)

You could go on all day.

Lack of career stability is a serious issue, which directly effects income, driven by people themselves. They choose to stay in college too long or they are jumping in and out of whole different career spaces.

And then they find by the time they are 30 they've nothing saved and are living at home with not a good income.

hayse

The government are a shambles, only feathering their own nest.

ancapailldorcha

https://www.boards.ie/discussion/comment/119088441#Comment_119088441

This is just baseless nonsense based on a few cherrypicked comments online. I could just as easily dismiss anyone over 50 as a Nazi based on some of the stuff I've heard some older folk say but I don't because that would be absurd.

growleaves

https://www.boards.ie/discussion/comment/119088172#Comment_119088172

That's not an adequate response to what is a structural problem because if 1 milion people decide to "Seek promotion" they won't all get it.

Not everyone can get longer hours either.

What you're talking about is a personal solution which would work for some people undoubtedly but the ratio of the average wage to average rent price won't be altered by "pulling yourself up by your bootstraps".

Mr. teddywinkles

Deleted

Esse85

https://www.boards.ie/discussion/comment/119089534#Comment_119089534

1 million people won't tho so don't sweat about it, most will continue to sit on their hole and b1tch and moan and make no change. They are not trapped, they have options and choices the same as the ones who work 2 jobs, upskill when they can, live within their means rather than the tomorrow will take care of itself (live for the moment) type brigade.

BattleCorp

https://www.boards.ie/discussion/comment/119088288#Comment_119088288

Realistically though what do you do about high rents and low wages?

Regarding low wages, employers will always try to pay the market rate, or below it if they can. If you improve everyone's wages, this will cause inflation and push up the price of goods and services leaving even less money available to pay rents. The idea of everyone being paid a good wage is all well and good, but people aren't willing to pay the cost of these pay rises in the goods and services they are purchasing.

Regarding the rents, they are high because it's a supply and demand situation. We have a shortage of suitable rental property. We need more properties coming on stream. That's absolutely the only realistic solution to getting the price of rents down. Who will build these properties? Who will pay for them when they are built? Will the cost of them when they are built be such that a low rent will be feasible? We are in a situation where it's nearly impossible for builders to price a house before they build it because the costs of materials, energy and labour are increasing so fast.

Housebuilding is about to slow down because it's getting very costly for builders to build and there's no point in builders building expensive properties if nobody can afford them. Throw in inflation and interest rate hikes and mortgages are going to get very expensive.

Here's some mad brain fart solutions.

The Government should go back to building social houses. Each County Council should hire the necessary skilled people and get building these houses. That would stop the Councils outbidding people for houses as is currently happening.

There should be ridiculously good tax incentives for builders to build properties that will cost Joe Public between €250k and €300k. Obviously these won't be built in Aylesbury Road etc. but you get my drift.

Allow a tax incentive to small landlords (3 properties or less) who rent out a property for €1000pm or less so that they pay no tax on this income. This might encourage small landlords to stay in the market.

Anybody else got any wild suggestions?

pgj2015

This generation are just a bunch of moaners, no get up and go about them at all. Think Dublin is the only place in the world they can live.

riclad

If you are 21 and want to live in dublin and buy property you.ll need to get a job that pays pays a high salary, and hopefully buy with someone else as a couple ,

Start a project charity self build Co op eg people work 3 days a week to build their own house for people on lower incomes under 30k on site provided by the local authority they still have a mortgage to pay but its like 150k over 30 years they do it in America plumber's and electricians have to put in wiring pipes etc and theres a few pro builders on site to help

There was an episode of grand designs about this it's on YouTube

I think the city council would always pay contractors to build houses apartments the difference now its more expensive to build anything especially in dublin where land is expensive

ILoveYourVibes

https://www.boards.ie/discussion/2058245863/what-will-happen-when-generation-rent-retire

https://www.boards.ie/discussion/2058245863/what-will-happen-when-generation-rent-retire

yep