Cash Buyers On The Lookout
Nothing to Spare
Spare rooms have become a luxury in the rental market.
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In 2016, just one in three tenants, 35 per cent, were renting a property with a spare room for guests. This is the lowest level on record and down from a peak of 59 per cent in 2010 . As rents have risen in recent years, so has the average cost of an extra bedroom. In Great Britain, the average is now £295 a month per room. As a result, fewer tenants have been willing or able to pay the extra money for this luxury when looking for a home to rent.
This trend is most apparent in the capital, where rents are most expensive. Here the average additional cost for an extra bedroom is £845 per month. In 2016, just 26 per cent of tenants in the capital were renting a home with a spare room – a 35 per cent fall compared with 2010.
However, it’s not just the capital where this is happening. Other major cities across southern England have also seen smaller proportions of tenants renting a home with a spare bedroom. Less than 30 per cent of tenants in Oxford, Cambridge & Bristol rent a home with a spare room. In contrast, tenant in cities further North are nearly twice as likely to have a spare room – in Manchester, Newcastle & Liverpool, 38 per cent, 40 per cent and 41 per cent of tenants rent a home with a spare room.
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