We asked some of our tenants to give us some shared living feedback. We had about a dozen responses from a broad selection of shared houses, representative of tenants from budget, mid-range and premium house shares.
The answers to our questions were quite interesting so we thought we would share them with you to help you plan your future shared housing investment strategy.
Two-thirds of tenants said in their shared living feedback that they were living in a shared house in order to save money. The remaining third said that they were living in a shared house because it was convenient for work or studying.
We asked tenants to rank in order of importance the factors that they consider when choosing a shared house. Price and location were consistently ranked the most important. It is interesting to note that parking seems to be a key factor for several tenants. Perhaps we need to give greater consideration to this when choosing a property for a shared house?
Almost 86 percent of tenants gave 4 or 5 out of 5 stars for the facilities at their shared house.
Additional things that tenants would like to see included in their shared house, in order of popularity included:
75 percent of tenants said that having one or more of these additional facilities would positively affect their decision to take a room.
In their shared living feedback, 75 percent of tenants thought the amount of rent they were paying was fair for the facilities that were included.
We asked if tenants would be prepared to pay extra for some of the additional facilities that they have asked for. 13 percent of tenants would not pay any additional rent for additional facilities but 13 percent said they would pay 25 percent more. 25 percent said that they would be prepared to pay an additional 5 percent in rent, 25 percent would pay an additional 10 percent and 25 percent would pay an additional 20 percent in rent.
We gave tenants an opportunity to tell us about any other improvements they would like to see at their shared house. Most responses centred around the kitchen and keeping it clean. Responses included:
This shows us that while the price of rent is the most important factor for people living in shared accommodation, tenants are looking for value for money. Tenants are willing to pay a premium for services that enhance their lifestyle and make life easier for them.
Over the next few weeks we will be considering these responses further and looking at ways we can implement some of the recommendations. In the meantime, you can keep updated about the changes to HMO regulations by reading our HMO Licensing Reforms article.
Download a pdf. of the Shared Living Survey Results infogram here.
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