Shared Rental Property Is Low In London
26th February 2021 posted in Landlords Tenants
Given the cost of property ownership, it is no surprise to see so many people looking to rent property. There are many reasons why people decide to rent property, but the cost of home ownership is a massive factor.
However, the cost of renting is often high in many places too. If a tenant is looking to stay in a stylish area, they face paying a higher rental fee. As with most things, when there is a significant level of demand for rental property, there is going to be a higher price associated.
This means there is demand for shared accommodation, and if you are looking to let property, this is something to consider.
Recent analysis, carried out by Spotahome, has looked at the leading UK cities which play host to the highest level of shared accommodation.
People like to save money and not feel alone
Of course, while sharing rental property with people is a smart way to save money, it also helps people to feel others, especially at this time. There is a wide range of studies on the impact of living alone, and for many people, living with people they don’t know is more appealing than living alone.
The study looked at 23 major cities across the UK, looking at the total number of rental properties available, how many of these are listed as shared accommodation, and what the percentage of shared accommodation of the total market is.
The study found that just 14% of the available rental stock is shared property.
Shared rental accommodation is needed in London but at a low level
It should be no surprise that London has the largest number of shared rental properties available in the market, with 76,471 properties listed. It should also not be a surprise to see that the proportion of shared rental property as part of the overall London rental market is 7%, and this is the lowest of all the cities.
The city which has the largest proportion of shared rental property is Leeds, with 43% of all rental properties classed as shared accommodation. Plymouth ranked a close second, with 42% of all available property listed as shared accommodation.
Other cities which scored highly in this area include Oxford, Sheffield and Cambridge, which scored 41%, 40% and 37% respectively.
You also have Nottingham with 37%, Birmingham with 35%, Newcastle with 30% while Liverpool and Swansea have 27%.
It is interesting that the cities which rival London for the lowest amount of shared accommodation in the UK are outside of London. Cardiff and Belfast have 13%, Aberdeen has 9% and Glasgow has 8%.
Jorge Alonso, Spotahome Head of Data and Analytics, commented: “It doesn’t matter if you’re moving home within the same city, moving to another city in the UK, or moving to a completely different country, opting for shared rental accommodation can bring a number of benefits. Of course, the driving factor for many is often financial, with shared rental accommodation not only requiring less in rent, but it also allows you to split the cost of bills and wider living amongst you and your housemates.”
Jorge Alonso continued by saying; “It’s also a great way to meet people when moving to a new city which can make a big difference to your personal enjoyment and often means a fast track to finding the best places to socialise, get coffee, eat out and so on. However, in current times, shared rental homes also provide further benefit. With a third national lockdown, many tenants have once again found themselves battling the loneliness of living alone. For those in shared accommodation, they at least have the daily interaction with their housemates even if they can’t do much, which can make a huge difference to mental wellbeing.”
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.