Benefits of living as a lodger
When youre looking for a place to live, one thing you may not have considered is living as a lodger. But there are some real advantages to considering it.
Here are the key benefits.
This might not seem obvious, but its a fact that rooms advertised by lodger landlords are, on average, cheaper than those advertised by traditional landlords or agents. Theyre even cheaper than rooms advertised by the existing roommates.
OK, but how much cheaper?
The average saving made by renting a room from a homeowner across the UK is £98 a month - thats £1,176 a year*
In London, its £129 a month - a huge £1,548 per year. Thats a lot of money left in your pocket.
Not only that, youre more likely to have bills included in your rent if you live with the homeowner, saving you even more.
If youre not considering being a lodger, youre missing out on roughly a quarter of all rooms available. Pretty simple really.
Get to know a new city or neighbourhood
When you're new to an area it's not always easy to find exactly what you want long-term straight away. Living as a lodger is generally more flexible, so it gives you the chance to try a new area before you commit to a long contract. As this type of situation is more flexible, it gives you a chance to work out what you really want.
Living in a home
This wont always be the case, as we all know its people who make you feel at home more than anything else. But, that said, there are some elements of living with a resident landlord that might just leave you feeling more settled.
First up, its already their home, so it might have more of a welcoming feel than a rental. Also, if anything breaks, its likely youll get it fixed more quickly as the landlord is also affected!
You may also find you develop a deeper connection to your area through them, as theyre likely to be putting down roots more than the typical renter, who might expect to move on in a year or two.
Things to consider
There are, of course, a few things youll need to think about. Your living situation will be less formal, so you wont necessarily have the same rights as you do when you sign a tenancy agreement. On the other hand, youre less likely to pay as much in fees or need to commit to a long let.
To understand the key differences between being a lodger and a tenant, read our guide to the differences between lodgers and tenants.
Ultimately there can be some great benefits to living as a lodger, so its worth considering. Either way, it's good to know what your options are.
As always, make sure you take the time to find the right setup (and the right person to share with) to suit you.
* based on average rents in September 2023