Updated: Feb 20, 2019
The cost of renting a home has also increased by 13 per cent year-on-year over the past four years.
Young professionals — rather than students — now make up the majority of the house sharing rental market, with 63 per cent of those renting a room now in relatively well-paid white collar jobs, according to a new report.
Rents have increased by an average of 13 per cent since 2013 across the UK, to £513 a month. Wages have risen by only 0.5 per cent over a similar time period, pushing people who would traditionally have bought a home, along with single or coupled up renters, into shared housing.
That's 50 per cent of monthly wages before travel and bills — that is, if renters manage to earn £1,500 a month after tax.
The university towns of Oxford and Cambridge are cheaper, although have the second and third highest monthly rents, at £604 and £534 respectively for a double room.
Both cities offer a great mix of city and country life and direct train links to London that take about an hour, so are a popular with Londoners relocating.
However, an annual season ticket costs about £6,080 cancels this option out for most.
Wales and Scotland have some of the cheapest rents in the UK. At £348 a month, house sharers in Dundee pay less than half the monthly rents of those in London.
THE RISE OF SHARED RENTALS
Currently 18-34 year olds represent 70 per cent of flat sharers, with demand peaking during summer months in line with the academic calendar.
Rooms in the most desirable locations can rent the same day they are listed, according to EasyRoommate's general manager, Jack Martin.
"We are seeing more and more professional agencies wanting to advertise flat shares on our website. This is a clear sign that flat sharing is not just the ‘cheapest solution’ but a lifestyle," he says.
"The reality is that nowadays flatmates want more than just a room. From high-end flat shares in London’s premier neighbourhoods to alternative accommodation in Bristol, there is a scene for everyone."