Property News

Flatsharers raise budgets to combat higher rents

Ryan - August 17, 2016

The typical flatsharing tenant has moved to increase their budget, in order to combat rental rises, according to a new report.

EasyRoommate’s latest Index reveals that in the second quarter of the year, tenants’ average budget was £531pcm, up 5% on the same period twelve months ago.

Since 2012, tenants’ average budgets have risen by 25%.

Increases

The flatsharing website reports that budgets have increased in an attempt to keep pace with average rents. According to data from the Index, rents rose by 13% between Q2 of 2015 and 2016.

In addition, the rental platform said that demand for shared rental properties has also risen over the same period. During the second quarter of this year, there were an average of five tenants looking at each room available. This was compared to four last year.

What’s more, the number of rooms being posted on the EasyRoommate website has risen substantially, by over 40% since 2015.

The average age of a flatmate is 28, with 37% of sharers aged between 21 and 25.

Flatsharers raise budgets to combat higher rents

Flatsharers raise budgets to combat higher rents

Finances

Student tenants utilising the platform has increased by 4% in the same period.

EasyRoommate has also moved to attack the number of letting agent fees which are being charged to tenants.

It has called for the Renters’ Rights Bill, currently being passed through Parliament, to be implemented to improve tenants’ finances.

Albin Servant, chief executive of EasyRoommate, said, ‘every time you use an estate agency to find accommodation, you might incur extra fees. Meanwhile Scotland decided to ban those hidden fees in 2012.’[1]

‘Rent fees need to be regulated,’ he added.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2016/8/flatsharers-increase-their-budgets-to-cope-with-rising-rents