According to the latest figures released by Built Asset Management, there has been a marked rise in young professional couples looking to live in shared rental properties and reduce their living costs.
The growing trend across the capital has resulted in a 136% rise in enquiries from couples seeking shared rental properties between June 2019- 2020.
According to the data, the months spanning June 2019- June 2020 saw a 136% rise in enquiries from couples seeking one-bedroom rentals within shared properties across London, when compared to the 12 month period prior.
Of those seeking to share their rental properties with other tenants in an official co-living capacity, the average combined age of the couples was 29.3-years old; with the couples most likely to work in the technology sector.
In comparison, the average age of couples seeking a room to rent within a co-living property between June 2018-2019 was 26.4; a rise of 3-years.
According to current data, the average couple living within a shared BAM property in London lives with 3 other housemates.
BAM has also revealed which areas of the Capital have proven to be the most popular with couples seeking houseshare accommodation, with the top 3 locations as follows:
Earls Court (13%)
Alex Gibbs, Co-Founder and Director of BAM, said the following about the data, “Our enquiry data shows a very evident shift in the attitudes of couples towards co-living accommodation over the past year, with many more coupled-up Londoners now actively seeking this type of rental arrangement. Economic factors are undoubtedly at work, with co-living offering an affordable option to renters seeking high-end accommodation, without the expense that comes with a single-let unit. However, co-living has also undergone something of a revolution in recent years, with an influx of luxury properties onto the market.
“Whilst this data spans a 12-month period, we have also seen a sharp spike in enquiries from couples since the market re-opened in the wake of the COVID-19 lockdown. Over the coming 12 months, we very much expect this trend to continue, particularly when factoring in the financial uncertainty that the pandemic has brought to many young couples across the Capital.
“Much of the existing co-living property market in London is limited to the number of couples it can accommodate, due to availability of amenities and local authority regulations. The key takeaway here for investors and developers, therefore, is to ensure that newly created co-living premises have both the amenities and the regulatory approval to house couples in as many of the units as is possible and practical. This will enable them to bolster returns, drive occupancy, and efficiently serve these new entrants to the co-living market.”