Two in five (42%) HMO tenants say they would save less if they were renting on their own and 21% wouldn’t be able to save anything at all.
#Bills to pay when renting a flat uk professional#
Professional sharers therefore spend a third (34%) of their take-home pay on rental costs (also including bills).Īssuming a similar average salary, tenants in a one bedroom flat spend 44% of their take-home pay on renting alone, and this rises to over half (59%) when bills are taken into account. The average annual pay of a professional renting in an HMO is £24,460: this amounts to £1,643 in monthly take-home pay. When asked why they share as opposed to renting alone, over half (53%) of respondents cited affordability and 18% said it was the ability to save.
#Bills to pay when renting a flat uk tv#
*includes council tax, gas, electricity, water, broadband and TV Affordability is main reason for living in a professional house share Table One: Monthly cost of renting in an HMO (including bills) versus a one bedroom flat In comparison, the average monthly rent for a one bedroom flat is £730: 31% higher and £2,088 more expensive on an annual basis, even before the cost of bills is considered.Īverage monthly household bills for a one bedroom flat (including council tax, gas, electricity, water, broadband and TV) are £245, bringing the total costs for average renters up to £975 per month: £5,028 more than renting in an HMO. According to the survey, the average monthly cost of a room in an HMO (including bills) is £556. Tenants who live in shared housing are able to save more partly because they pay much lower rental costs. For private renters not living in an HMO, this would take 9.9 years – almost double the time. If HMO tenants were to put these monthly savings towards buying a property, it would take them 5.6 years to save for the average first-time buyer deposit of £20,600. A further 29% could afford the mortgage payments but not the deposit or stamp duty. The majority (89%) of HMO tenants surveyed said they would like to own their own home in the future and nearly one in ten (7%) believe they could afford to buy now. In contrast, the average renter saves just £174 per month: £1,608 less over the course of a year. Professional tenants are able to save £134 more a month by sharing in a House in Multiple Occupation (HMO) rather than renting a one bedroom flat alone, according to new research from Platinum Property Partners (PPP), the specialist buy-to-let business.Ī survey of HMO tenants by .uk and PPP shows that professional sharers can afford to put away an average of £308 per month by living in a flat or house share.
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