EasyRoommate has looked into its data to provide industry figures of the flatshare market for the second quarter of 2016. Unsurprisingly, rent prices continue to climb and to combat this hike, roommates have increased their budget, up to 27% in four years !
How much for a rented room in flatshare?
While rent prices have risen by 13% year-to-year, flat-sharers are adapting to the trend. They have an average budget of £531 pcm, catching up progressively with rent prices demanded in the UK market. Despite this boost in rent, flat sharing remains the best alternative to classic rental with an average saving of 29%. In a bid to keep up with average rents, flatmates are now ready to spend more than expected. However the budget is still less than the average month rent, which comes to £548 during second quarter of 2016.
Huge demand and lack of supply
The gap between rent advertised and rent wanted is getting higher. During the second quarter of 2015, they were 3.7 flatmates looking for every room available and it has now risen to 5.3 for the second quarter 2016. In Birmingham, often touted as the second largest university city, a surge in demand for rooms has surpassed the number of flatmates looking for every room by a factor of 9.
UK Roommates are young professionals
With a majority of UK roommates being in their twenties, flat-sharing is especially for young workers a cheaper option that meet their needs. Although the share of students has grown by 4% compared to last year, the proportion of professionals is more remarkable (58%). With soaring property prices, out of reach for many young buyers, there is no definitive end in sight yet.