Why the Flatshare Market is So Busy
You might have seen our blog post at the end of last month about the surge in demand for rooms at the moment. In part it's caused by a big reduction in the number of rooms available compared to last year. But the demand side of things is also a big factor and there are a few reasons behind it.
We thought it would be useful to see what people's experience is of finding a room right now so we can understand why. So, we asked:
If you're currently looking for a room (or have in the past few weeks) have you struggled to find something?
The results are still coming in but, with 12,000 of you already having responded, we can be fairly certain the results so far are accurate! Not only are they accurate, they're very (very) clear. 89% of people said it's been difficult finding a room right now. It varies a bit depending on where you're looking, but it's the same across the UK.
The major factor affecting demand is the number of people coming into the market in one go.
Usually some people enter the flatshare market every year, after graduating or moving out of home, and some leave it to rent, or buy. Everyone else moves around between properties, meaning some rooms are taken, while others are vacated. Not this year.
After 18 months of living with the pandemic, renters have had to contend with lockdown (I can't move!), restrictions being eased (should I move?) and lingering uncertainty over jobs and the economy (where should I move to?). Now all that pent up demand is starting to be released back into the market.
On its own that wouldn't be such a huge issue. However, there are also a huge number of young people who moved back in with their parents over lockdown and now want their own place again. We're also starting to see overseas students and workers coming back into the UK in much bigger numbers than last year. When you add that together it creates a lot of pressure and a lot of competition for the rooms that are available.
Things will ease up again, but we know it's tricky if you need to move at the moment.
One thing that might just make things easier is having someone else pay your rent for a month! So, if you haven't already entered Live Rent Free this month, make sure you do! You can also get an extra entry just by answering a simple question based on this blog post.
Want an extra entry into Live Rent Free? The answer to the question below is your coupon for an extra entry into next month's prize draw – click the button below and enter it in the box. Be quick though, the code expires at 11:45pm on Sunday 17 October. Good luck!
Q: What did a huge number of young people do over lockdown? Moved back in with their '_______'?
Image credit: Ethan Wilkinson