Home Property Vast majority of renters expecting tension over rising cost of bills with housemates

Vast majority of renters expecting tension over rising cost of bills with housemates

by LLP Finance Reporter
17th Nov 22 4:19 pm

According to new research from Comparethemarket, 49% of people in shared rented properties believe their housemates use more than their fair share of electricity. 54% of renters are concerned about the cost impact of housemates leaving the heating on for too long.

A similar proportion have frustrations with their housemates not switching lights off (54%), leaving appliances on (53%), and using the washing machine or dryer too often (45%), all of which increase household energy usage and therefore household expenditure.

Other gripes include housemates taking long baths (50%) and using more than their fair share of communal groceries such as milk and toilet roll (52%), reflecting concerns around rising food prices and affording heating bills.

Renters are even moving homes due to tensions over household bills; 38% of housemates have ended up moving out and finding a new home due to arguments with housemates.

Landlords double down on energy efficiency measures in the past 12 months

With 37% saying their shared homes aren’t energy efficient, some landlords have taken steps to remedy this. 31% of landlords have installed a smart meter in the past 12 months, 23% have installed insulation, and 20% have installed a more energy-efficient boiler.

However, 22% of renters say their landlord has not done anything to make their home more efficient.

Renters looking for additional income to cover rising bills

To be able to afford higher bills, 53% of renters say they will likely need to go into their overdraft. 45% of people expect to take out additional loans, 51% think they’ll need to borrow money from friends or family, and 58% say they’ll likely have to take on an additional job to help them pay their share of rising household bills.

Alex Hasty, director at Comparethemarket, said, “Rising costs are not only impacting household budgets but also friendships and relationships. In shared homes, conversations around energy efficiency and splitting bills may not be comfortable but are necessary at a time when financial anxiety is understandably high.

“To reduce the risk of arguments, households can team up and search for ways to save money. By doing a quick comparison online, you can see what savings you could achieve on various bills, such as insurance, broadband or phone deals.

“Spending quality time with your housemates is also important, and there are ways to do this for less. If you take out a qualifying product, you can get 12 months of access to Comparethemarket rewards, including 2-for-1 food at selected restaurants, 25% off coffee and pastries at Caffè Nero, and 2-for-1 cinema tickets for two people on Tuesdays or Wednesdays at participating cinemas.”

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