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FOUR TENANTS COMPETING FOR EACH RENTAL ROOM

FOUR TENANTS COMPETING FOR EACH RENTAL ROOM (Renting - Room)

by administrator @, Wednesday, July 13, 2011, 13:41

The number of tenants competing for each room to rent is far outstripping the number of rooms being offered, according to the latest research from flatsharing website, easyroommate.co.uk.

The average number of potential tenants for each rental room on the market has risen from 3 to 4.1 in the past 12 months according to easyroommate.co.uk's analysis of over 86,000 room rentals around the country, and 30,000 flathunters' profiles.

In the last year, half as many first-time buyers have been able to secure mortgages compared to the average for the previous ten years. With 186,000 buyers kept off the property ladder, demand for rental accommodation is soaring.

In the last year alone, the number of renters registering to find a room has risen by 58%. In contrast, the supply of rental rooms has increased more steadily, with an annual rise of 17%.

Jonathan Moore, director of easyroommate.co.uk, said: "Rental demand has really moved up a gear in 2011, igniting competition across the flatshare market. In rental hotspots like central London, rooms and flats being let within hours of being advertised.

"As the cost of renting a whole flat soars, a growing number of frustrated buyers are turning to flatshares as a cheaper alternative while they save for a deposit. With the average UK room rent standing at £360 pcm, flatsharers are spending half the amount they would on renting alone.

"But many homeowners haven't yet woken up to the possibility of how much they can earn from renting out spare-rooms, and in many places, the supply isn't rising to meet the demand. In hotspots like London, savvy homeowners are making an average of £6,250 per year - a sizeable chunk of yearly mortgage costs."

Easyroommate's analysis of over 50 of the UK's largest towns and cities reveals competition for rental room has been fiercest in the South East, with an average of more than 13 potential tenants registering per room in Brighton. Oxford and London also featured in the five cities with the strongest demand per property, with an average of 7.2 and 6.7 tenants competing for each room respectively.

The concentrated demand has pushed up rents in these areas, with the average cost of a room in Brighton 16% above the national average, 19% higher in Cambridge, 11% in Oxford and 44% higher in London.

www.easyroommate.co.uk


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