Single occupancy rents have continued to skyrocket across the UK according to the latest data from property website, SpareRoom, as rents reached a new all-time high in Q3 2023.
According to the latest data from property website, SpareRoom, single occupancy rents rose by 16% year on year when compared to Q3 2022, with the average monthly rent for a single room reaching a staggering £721.
Across every UK region, the average cost of renting a single occupancy home rose by 10% or more, with the largest regional increases in England seen in both the North East and North West, where the prices increased by 17% and 16% year on year respectively.
“Rents have reached another record high across the UK. Even areas that have historically been regarded as more ‘affordable’ have seen rents spike in the third quarter of 2023, likely due to renters seeking cheaper housing which in turn is driving up demand with supply not keeping pace. If this continues, we could see renters being driven even further from the capital, or perhaps leaving London altogether as the pool of affordable accommodation becomes ever smaller.” Matt Hutchinson, Director of SpareRoom.‘‘
As demand for smaller homes and single occupancy apartments grows across the UK, it is no surprise to see that the average rent per room has reportedly increased in all of the UK’s 50 largest towns and cities.
At Beech Holdings, we have experienced an incredible influx in demand for single occupancy homes within our portfolio through our in-house lettings businesses, Manchester Apartments, and our newest addition, Newcastle Apartments, as demand in the North East and North West skyrockets in line with SpareRoom’s data.
Despite the newest addition to our portfolio in Newcastle not being scheduled to be completed until September 2024, our in-house teams are receiving thousands of enquiries each month for our studio apartments. This number of enquiries for our Manchester portfolio in our experience is very common, but was unexpected for such a new business and new building in a city we have just recently expanded into.
Featuring as our very first building to be developed under our new branded residential offering – City Co-Living – City Co-Living Newcastle will provide residents with their own single occupancy home in the heart of the Newcastle city centre, with access to a wide range of amenities and facilities for residents to use at their leisure as an extension of their own home.
This list of amenities and facilities includes a state-of-the-art gym, residents’ lounge, cinema and karaoke room, private bookable dining rooms, a co-workspace with bookable meeting pods, and even a games room.