Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
HMO Tenants Would Pay More for Compatible Housemates
Four in 10 HMO tenants say they would pay more in rent to live with housemates they knew would be a good fit. Some would also stay longer if they had a say in who gets the room next door.
The findings come from shared living platform COHO's State of Shared Living Report, as reported by Property118. The report focuses on tenant preferences in shared living arrangements, specifically HMOs.
What the findings mean for letting agents
The headline figure — that four in 10 HMO tenants would pay a rent premium for compatible housemates — suggests that tenant compatibility is a commercial consideration for HMO landlords and letting agents. According to the report, some tenants would also remain in the property for longer if they were given input into who occupies the next available room.
For letting agents managing HMOs, this points to potential benefits from involving existing tenants in the allocation of rooms, or at least considering compatibility when filling vacancies. The report does not specify how much extra rent tenants would be willing to pay, nor does it quantify how much longer they might stay.
Inventory clerks and shared living
While the report focuses on tenant preferences, the implications extend to inventory clerks and property managers. Longer tenancies and reduced turnover can affect the frequency of check-ins and check-outs, as well as the wear and tear on shared spaces and furnishings. However, the source material does not provide specific data on these operational impacts.
The State of Shared Living Report is produced by COHO, a shared living platform. Property118's coverage highlights the key finding that a significant proportion of HMO tenants value compatibility with housemates enough to pay more rent. The report also indicates that some tenants would extend their stay if they had a say in who moves in next door.
No further statistics, percentages, or sums are included in the source excerpt. Letting agents and inventory clerks seeking more detailed data should refer to the original Property118 article and the full COHO report.
Source: Property118