Cost of flatsharing dips
According to the latest rental index from flatsharing website Easyroommate, overall average rent has increased by 2% since the beginning of the year, and there has been an increase of 4% in 12 months.
This increase coincides with the increase in the number of individuals searching for properties on the website.
As homeowners wake up to the increase in people looking for properties they are more likely to increase rent as a way to maximise their earnings.
Despite the increase in the average flatsharing rental price it is still significantly cheaper than renting privately.
According to the LSL rental index rents hit a record high of £725 per month in August, in contrast the flatshare rental asking price in August was significantly lower, approximately £350 cheaper.
Jonathan Moore, director of Easyroommate.co.uk, said: “With rents in the remainder of the private rental sector continuing to rise and the economy still in the early recovery stages, more and more people are choosing to flatshare.
“At Easyroommate we have witnessed a gradual but marked increase in the number of people using our services since the beginning of the year. The number is continuing to grow even after the peak student period has come to an end.”
The flatsharing industry is extremely consistent, as the private rental sector reports more and more increases to the average rent.
Flatsharing remains consistent, with changes in asking prices changing on average every three month.
This stability is beneficial to tenants as it lessens concerns about rental hikes, and it means that flatsharing is consistently the most cost effective option for both students, professionals and those searching for cheaper accommodation alternatives.
London remains a high earner for landlords with a 5% increase since January, while rents in Leeds and Glasgow fell by 1%.
Moore added: “Rents in London will continue to increase as demand outstrips supply. however compared to the rest of the rental sector the increase is minimal and across parts of the uk rents have actually fallen making flatsharing a cost effective alternative.”