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Flatsharers increase their budgets to cope with rising rents

Flatsharers increase their budgets to cope with rising rents

The average flatsharing tenant has increased their budget in order to stay in line with rent increases, according to EasyRoommate.

The flatsharing website's latest index shows that in the second quarter of the year, tenants' average budget was £531 pcm, up 5% on the same period last year.

What's more, the index reports that since 2012, tenants' average budgets have increased by over 25%.

EasyRoommate says that budgets have been increased in a bid to keep up with average rents, which - according to its data - increased by 13% between Q2 2015 and the second quarter of 2016.

The renting platform claims that demand for shared rental properties has also increased. It reports that during the second quarter of 2016, there was an average of five tenants looking at every available room, up from four the previous year.

According to its figures, the number of rooms being posted on EasyRoommate has increased significantly, rising by over 40% since Q2 2015.

It calculates that the average age of a flatmate in the UK is 28, with 37% of sharers aged between 21 and 25. 

Meanwhile, the report suggests that the proportion of student tenants using the sharing platform has increased by 4% in the last year. 

The flatsharing website has also used its latest release to renew its attack on letting agent fees charged to tenants.

It says the Renters' Rights Bill, currently going through Parliament, could help to improve tenants' finances.

"Every time you use an estate agency to find accommodation, you might incur extra fees," says Albin Serviant, chief executive of EasyRoommate.

"Meanwhile, Scotland decided to ban those hidden fees in 2012."

He says 'rent fees need to be regulated'. 

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