The number of people renting homes by themselves has reduced significantly over the past three years as the cost-of-living crisis has hit many renters’ pockets, new research reveals.

Alternative deposit firm Reposit says ‘singleton renters’ have shrunk by 8% since 2021, and its figures reveal why.

In 2021 the average monthly rent for a one-person tenancy was £696 but it hit £877 in 2023 - a rise of £181 or 26%.

This increase is almost 50% more than the average increase for a two-person tenancy. Their rent averaged £470 per person in 2021 and £562 per person in 2023 - an increase of £92.

Also, single renters saw the share of their take-home pay spent on renting jump from 33% to 39% from over the same period.

Market shift

Reposit’s research, which is based on its own ‘active tenancy’ database, also highlights how more solo renters are moving into shared properties or teaming up with friends to rent as multi-person tenancies have been increasing, up by 6% for two-person properties and 1% for three-person tenancies.

“With escalating rental costs and the cost of living crisis, single renters have been particularly squeezed,” says Ben Grech, CEO of Reposit (pictured).

“Tenants need options such as a deposit alternative product, allowing them to pay one week’s rent as a non-refundable fee instead of the usual five weeks cash deposit which now averages £1,289.

“Importantly, landlords get more protection with 8 weeks’ worth of rent while the tenant remains liable for any damage at the end of the tenancy, with any disputes resolved through an independent resolution service within 14 days.”