Tenants looking to avoid isolation and save money during the pandemic are turning to flat shares instead of renting their own homes.
Online rental platform Spotahome says the trend is particularly pronounced in London as the capital’s renters look to reduce their monthly outgoings and improve their personal wellbeing by avoiding months on end living alone.
As a potential second national lockdown looms, its new research finds that the average rent for a one-bedroom property in London is £1,307, while renting a three-bed flat-share costs £2,013, working out at just £671 per person and a 49% reduction in rent.
It found eight London boroughs where opting for a three-bedroom rental property can cut the monthly rental outgoings by at least 50%, with the biggest reduction in Hillingdon where the cost of £464 per person for a three-bedroom property is 55% lower than the cost of renting a one-bed (£1,027).
Predictably, Kensington and Chelsea offers the smallest reduction, although renters can still make a 20% saving compared to spending £2,062 renting alone in the borough.
UK and Ireland country manager, Nadia Butt (left), says that while many renters have found themselves on furlough or out of work – making the decision to flat-share financially motivated – there’s also a strong demand from those who would have traditionally rented a space of their own.
“Sharing a rental property with others not only helps your bank balance but it can bring a huge benefit to your personal and mental wellbeing,” she says.
“While it will no doubt present its own issues that may not arise living on your own, we’re seeing more and more tenants opt for a shared living space due to the pros outweighing the cons.”