The property rental market has seen an enormous rise in ‘houses in multiple occupancy’ (HMOs) investment. These are houses where the tenants rent a bedroom and share access to the kitchen, living spaces and, sometimes, bathrooms.
The rise is partly through demand for homes as the population continues to grow, and partly because people – particularly young professionals – are recognising the advantages of renting a room rather than a whole flat or house.
So what are those reasons? Why should you consider being part of a shared house? Let’s explain…
1. Affordable rent
Clearly, renting a room is less expensive than a whole flat. In Peterborough, a typical room costs £250-£500 per month depending on quality and location. Meanwhile an apartment can cost £500-£1000.
2. Cheaper bills
In addition, if you live in an apartment you’re responsible for paying utility bills as well as broadband, TV subscriptions etc. In a house share, these costs are usually included within your monthly rent. Some rentals even include a Netflix subscription at no additional cost!
3. Less responsibility
Renting a room means that you’re not responsible for repairs to items in the shared areas. If the washing machine goes wrong, for example, you just need to notify the landlord and they will take care of repairing or replacing it. In an unfurnished flat, that washing machine is yours to fix, which will cost you.
In some house shares, landlords even provide a weekly cleaner to take care of common areas like the kitchen and bathroom - meaning you only need to look after your bedroom.
4. No surprises
A big advantage is that you have total control of your money. Your rent is a fixed amount that won’t vary from month to month. Someone renting a flat needs to budget for unexpected events like a particularly high energy bill or damage to their furniture.
5. Social life
Most young people like to have a busy social life, and many people become good friends with their housemates. The majority of house shares only rent to non-smoking professionals, and living with like-minded people is often more enjoyable than staying on your own.
6. Fully furnished
House shares are generally well furnished, so there’s no need to buy beds, wardrobes or cupboards. Renting a flat, however, can often mean that you need to budget for items from a sofa to a dishwasher.
7. More flexibility
Something that a lot of young people appreciate is that contracts on a house share are often shorter and more flexible. That means they have the ability to accept new opportunities from job offers to travel plans, without worrying about whether their contract will allow it.
To get a better idea of the kind of homes that are available as a house-share, just take a look at our available rooms to rent.