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Tuesday, March 15, 2016

Shift away from single occupancy in PRS

It appears fewer tenants can afford the luxury of their own space.

Homelet's Rental Index records the shift away from single occupancy tenancies, towards multiple occupancy and family occupancy in the PRS sector.

Homelet started tracking number of tenants per rental in 2008.

In that time, Homelet have seen single tenant occupancy falling from 67% to 33% of  tenancies. 

Over these eight years, their market has shifted towards 'multiple occupancy', with 'two tenant' occupancy growing from 28% to 52% share, and 'three or more tenant' occupancy growing from 5% to 15%.

Homelet's Rental Index for February 2016 now has their average rent in the UK at £744 per month, compared to the average London monthly rent  at £1,521.

Their chief executive, Martin Totty, comments

“Average rents are still rising and while we are not seeing the double-digit increases recorded in some areas of the country during the summer of last year, the cost of a new tenancy continues to rise more quickly than general inflation,”

“Landlords are letting out homes to many more families, with rental property representing an increasingly important alternative to owner occupation; we’re also seeing people manage with higher rents by meeting the costs as joint tenants.”

homelet rental figures feb 2016

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