New research has revealed the high costs for young tenants moving from renting a room in a shared property to a whole house.
Analysis by Hamptons International found that a single room within a house share costs £566 per month to rent on average in Great Britain, a 1.2% rise from 2018.
The agent claims renters would have to pay £741 a month, equating to 31% more, to rent a one-bedroom flat rather than renting a room in a house share.
It found that a tenant aged between 21 and 29 spent 34% of their pre-tax income on renting a room this year, but that this would rise to 47% if they go from a house share to renting a one-bedroom property.
Brighton is the least affordable city to rent a room, with room rents accounting for 35% of a twenty-something tenant’s income. London is in second place at 34%.
Separately, Hamptons International data collected from across the Countrywide group showed that the average rent of a newly let property rose to £998 per month in August, 2.3% higher than the same time last year.
The south-east and south-west of England posted annual rental growth above 5%.
Wales, the midlands and Scotland bucked the trend, with rents falling 3.5%, 0.6% and 0.7% respectively.
Aneisha Beveridge, head of research at Hamptons International, said: “Tenants in their twenties spend a third of their pre-tax income on room rents in Great Britain.
“Yet the cost of trading up to rent a one-bed would take up nearly half of their earnings.
“With its large student population putting pressure on rental accommodation, Brighton is the most unaffordable city to rent a room in Great Britain. London follows in second place.
“Rental growth on newly let properties has doubled since August 2018. Rents rose 2.3% in August, more than twice the 1% recorded in August 2018.”
Average Rents of new lets (per month)
Region |
Aug-19 |
Aug-18 |
YoY |
Greater London |
£1,737 |
£1,703 |
2.0% |
South West |
£852 |
£808 |
5.5% |
South East |
£1,112 |
£1,053 |
5.6% |
Scotland |
£654 |
£658 |
-0.7% |
Midlands |
£685 |
£690 |
-0.6% |
North |
£656 |
£649 |
1.2% |
East |
£984 |
£957 |
2.8% |
Wales |
£659 |
£683 |
-3.5% |
Great Britain |
£998 |
£976 |
2.3% |
Totally worthless statistics. Average new let’s – of what??? Studio. One bed. Mansion??? Are they comparing like for like? Difference of one room with shared k & b to self contained on only 31% uplift – bargain! What a nonsense article.
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Renting a room normally includes bills…a whole property doesn’t so a pointless stat and even more pointless reporting.
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