Tenants face paying 31% more to trade up from a room rental to a whole home

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)