Half of HMO tenants would 10% more if they knew they were “socially compatible” with their housemates.
That’s the claim from a company called COHO.
It suggests that a survey shows 57.5% of them vie the affordability of shared living is the biggest benefit in an HMO.
However, 48.6% of respondents ranked the ‘sociable way of living’ as a key benefit, making it the second most prominent, whilst 43% said it was ‘good for people moving to new cities’ looking to form social relationships, the third biggest benefit.
COHO then asked if renters would be willing to pay up to a 10% rental premium, if it ensured that they were living with like-minded housemates who share similar interests.
Whilst 26.5% stated that like-minded housemates were preferable but cheaper rents were a greater priority, 47.2% stated that they would be happy to pay as much as 10% more in rent to find the perfect house share.
Such is the desire for social compatibility within a house share that 65.9% of those surveyed stated that knowing what their housemates are like before moving in was of great importance, with 39.8% of them assigning it the highest possible importance score
Furthermore, almost 40% of respondents said that they would be more eager to make their move to a shared living property knowing that they were compatible with their housemates.
A COHO spokesperson says: “Shared living is an age-old part of the rental market, but in more recent years it has been undergoing a significant evolution driven by changing tenant expectations and priorities. While affordability was once considered to be the only motivating factor among renters opting for HMOs, it is now increasingly common for people to seek out a shared house as a lifestyle choice, eager to take advantage of the sociability that this way of living provides.
“It’s important for the sector to recognise this shift because it presents a real opportunity for landlords. In order to have a good social experience when living in a shared house, it’s vital that you get along with your housemates, yet it remains far too common for tenants to have little control or insight over this compatibility before moving in because they’re not given a good enough opportunity to understand the personalities, interests and lifestyles of the people they’re agreeing to live with.”
