Why do so many tenants choose to live in a HMO?

Why do so many tenants choose to live in a HMO?

With so many options available in the rental market why do so many tenants to choose to live in a HMO?

At Open House Bedford our research shows that cutting the cost of living is the biggest factor.  In Bedford, the median rent of a one bedroom apartment is £700 a month excluding any bills according to recent data collected by home.co.uk. In comparison the median rent for a room which typically includes utility and council tax bills is £450 per month. 

According to data collected by Totaljobs.com the average salary in Bedford is £24,160 before tax, after tax & NIC this would result in approximately £21,000 take home pay. Based on the average salary for a single renter who is renting a flat at £700 (£8,400 per annum + bills) this would approximately equate to 50% of their income. In comparison renting a room at £450 (£5,400 per annum including utility bills & council tax) would equate to 25% of their income. On top of the saving many tenants also enjoy the communal aspect of living and making some great friends instead of living alone. 

As a leading HMO agent in the Bedford area Open House Bedford has a good selection of room rentals with shared facilities including kitchens and bathrooms with complimentary communal cleaning & fast WIFI broadband. If you prefer minimal sharing with a little luxury there are room options available with your own private bathrooms, TV, desks & chair. 

Whatever your motivation for choosing to live in a shared house / HMO it is always a good idea to speak to one of Open House Bedford marketing agent. To make your viewings as efficient as possible, make sure you ask questions. This way Dominika & Myles are able to find the perfect property for you. Keys factors to consider when renting: 

• Your monthly budget ( typically your income needs to be 2.5 x more than rent to pass referencing), 
• Date you are looking to move into the property 
• Whether you require parking 
• How close do you need to be to the nearest bus stop or train station

To conclude, whilst renting a room in shared house has many benefits you should also bear in mind there are restrictions which will apply such as no pets, strict visitor policy, communal heating programmes and living with tenants who might not be your perfect fit. 

Mujahid Ali 26.11.2021