The UK’s rental crisis is showing no sign of recovery and renters are desperate for affordable homes.
New data from leading flatshare website SpareRoom reveals that renters could save an average of £89 per month in the UK and £117 per month in London by choosing to live as a lodger (with the owner of the property) over moving in with other flatmates. That’s a huge yearly saving of £1,068 and £1,404 respectively.
Of the top UK cities lodgers in London could make the biggest monthly savings (£1,404), followed by Manchester (£504) and Edinburgh (£480).
Finding the right place to call home is easier when you have as many options as possible. By omitting to live with the owner of the property, renters are missing out on a quarter of all available accommodation on SpareRoom. As supply and demand issues continue to plague the rental market, living as a lodger is a great way to widen potential options and access more affordable housing.
Matt Hutchinson, director of SpareRoom said, “What’s clear is that affordable rents are becoming even more scarce, at a time when they’re needed more than ever. One simple solution is to encourage more homeowners to rent their spare bedrooms and create more supply.
“There are over 20 million empty bedrooms in owner occupied properties in England alone. Freeing a small percentage of those up would not only create desperately needed supply for renters, it would also help homeowners cope with rising interest rates and an ongoing cost of living crisis.
Financial savings aren’t the only benefit. Living as a lodger can be a great way to try a new area without committing to a year’s tenancy. Plus, with around a quarter of the rooms in the UK being advertised by the homeowner, you’ll have lots more to choose from.”
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