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New Data Shows 312% Increase in Renters Ditching Single Accommodation in Favour of Co-Living

Our latest data has revealed a marked increase in the popularity of co-living amongst those previously living alone, with single-renters ditching lone-living in favour of a houseshare property here in the Capital.

According to the data, there has been a 312% increase in renters coming from single-let properties throughout July and August, ie. those inhabited independently, signing rental contracts for a room within a co-living property operated by BAM, when compared to the months of January and February. These months were given as a comparative as they were pre-lockdown measures imposed on the rental market, therefore giving an accurate snapshot of the pre-Covid 19 co-living market.

We ask all prospective tenants seeking co-living accommodation anecdotally for their reasons for leaving their current housing situation. According to those leaving single-let accommodation between July-August, the top three reasons given were as follows:

  • Seeking more financially viable accommodation option – 32%
  • Seeking co-living property to avoid feeling of isolation – 25%
  • Seeking flexibility with a view to potentially purchasing afterwards – 20%

Our data also revealed the average age of tenants ditching single-let accommodation in favour of co-living to be 36.1 years old; 8 years older than our average tenant age of 28.2 years old.

Co-Founder and Director Alex Gibbs explained the data:

“Typically, the bulk of our incoming occupants are young professionals either moving from existing houseshare accommodation in the city or entering London’s rental market for the first time.  Post-lockdown, however, we have seen a real  “Covid-effect” coming into play with a huge increase in renters vacating single-let accommodation in favour of co-living, a trend which shows no signs of slowing down throughout September.

“Undoubtedly, changes in personal and work circumstance as a direct result of Covid-19 have led to many renters seeking a more financially-viable route in the form of shared accommodation; ultimately a more affordable option than single-lets. What’s perhaps more interesting, though, is that a relatively high proportion of our new tenants have directly cited trepidation about the feeling of isolation as their main reason for exiting the single-let market. The negative impact of lockdown on mental health appears to have had a direct effect on rental behaviour. It is also interesting to note that one in five new tenants have cited increased flexibility as a key reason for selecting this type of accommodation, with a medium-term plan to purchase a property rather than to continue renting.

We will want more data in order to make stronger inferences here, however, initial signs suggest that the lockdown and the wider pandemic have caused Londoners to re-evaluate their priorities and potentially their attitudes towards renting in the long term”

If you’re interested in a co-living property in London, our team would be happy to help. Get in touch here.

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BAM Tenant Wins Month’s Free Rent

April has been a great month for many reasons (hello al fresco dining!) but has been even better for BAM tenant Samuel Turner, who won his entire month’s rent for free thanks to our brand-new tenant perks platform.

Launched late last year, the BAM Tenant Perks platform aims to reward our tenant community and thank them for their loyalty with us by giving each and every person access to a host of exclusive discounts and deals from the UK’s leading retailers, restaurants and service providers. As part of the perks package, every tenant also has the chance to enter a monthly prize draw to win their month’s rent for free. Luckily, that’s exactly what Samuel did!

We caught up with Samuel about his win to ask him how he was feeling about the news:

How did you feel when you got the phone call about winning this month’s rent?

“Over the moon, it felt surreal – I thought It was one of my friends prank calling me! It’s the first time I’ve ever won a competition and it honestly couldn’t have come at a better time. It’s such a sigh of relief.“

How long have you been renting with BAM?

 I’ve been renting with BAM now for about a year and five months.

What do you think of the service as a whole? How do you feel now vs when you moved in?

“I honestly feel like everybody at BAM has always provided excellent service, and I’m not just saying this because I won the competition. Any time I’ve ever needed anything for the house, someone at BAM is always ready to help me out with any issue I have – big or small. They were also so understanding when the pandemic hit and offered payment plans for tenants who were in difficult situations. You couldn’t ask for a better rental agency.“

What do you think about BAM providing a rewards platform?

“I think it’s such a nice way to reward loyal tenants. Being able to get a wide variety of discounts and the opportunity to win a month’s rent just shows they really care about the tenants who rent through BAM and makes you want to stay with the company.“

Would you be likely to recommend your experiences?

“Yes 100%. I actually had two of my university friends move into the BAM property I live at because my experience was so positive.“

What do you plan to spend the extra money on?

“I’ve been working on a short film throughout lockdown and am about to shoot it this month coincidentally, so the extra money will be going on making the project as good as it can possibly be by paying crew, actors etc.“

Alex Gibbs, Co-Founder and Director here at BAM, also commented on the news:

“We are delighted with the rewards platform that we have launched for our community members. It is fantastic to see our occupants saving money on regular expenditure and benefiting directly from being part of our community. We are especially happy to see Samuel winning a month’s free rent; he is a really fantastic tenant and Lally and the team were genuinely excited to be able to pass the good news on to him.”

To find out more about BAM’s tenant rewards platform, head to our dedicated web page.

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BAM Launches Tenant Perks Platform

We’re very excited to be able to announce a brand-new offering here at BAM, as we’ve today launched a brand-new tenant perks platform; offering all of our tenants access to a host of exclusive discounts available from leading retailers, restaurants and services across the capital.

We know it’s been a tough year for so many of us, so we wanted to do something to show our appreciation to each and every one of our tenants, giving thanks for continued loyalty and helping to give a little something back to our valued BAM community.

Through the Vaboo platform, each BAM tenant will have exclusive access to discounts from the likes of Waitrose, ASOS, Ikea, M&S, Sky and many more. Every tenant will also have their name entered into a monthly prize draw to have their next month’s rent paid-for, entirely free of charge.

We’ll also be using the platform to gather important feedback from our community in order to shape and improve our offering, running regular feedback questionnaires on elements related to our properties and service.

“When I first met with Vaboo’s Founder, Jonathan, I was excited by his obvious passion for improving customer service within the PRS,” explained BAM Co-Founder and Director Alex Gibbs. This resonated with me hugely as I passionately believe that, generally speaking, this is an area within the industry that leaves a lot to be desired. The meeting instantly sparked internal conversations around how we could integrate Vaboo’s offering into our business.

“This year has certainly made for an ever-changing domestic landscape for young professionals across the capital and we felt it very important to adapt our offering to reflect that. Tenants in the current climate require more than just a roof over their heads, they need an operator that understands their needs as a community and successfully adds value in any way they can.”

“PropTech has revolutionised the way that operators and landlords not only find and communicate with tenants, but also our ability to build a solid, valued community entirely virtually; a concept that is incredibly important to us, this year more than ever. We’re very much looking forward to seeing how our tenants respond to this new partnership and make the most of the (entirely free!) benefits now available to them.”

Jonathan Stein, CEO of Vaboo, also commented on our new partnership:

“Our mission at Vaboo has always been to make renting more rewarding and to improve the image of the PRS, so partnering with like-minded organisations like BAM is critical to achieving our goals for the benefit of all stakeholders. There is constant financial pressure on renters throughout the UK, none more so than in the big cities, so to offer an all-encompassing renting experience rather than simply a place to live is key in order for operators to truly stand out against their competition. The importance of customer care, in particular since Covid-19 struck, has never been more critical and valuable and BAM show this in abundance.”

To learn more about the discounts on offer to BAM tenants, head to our web page.

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Under 24s Flock to Capital Contrary to Market Forecasts

co-living london

Despite market fears of somewhat of a mass exodus of young renters from the Capital in light of ongoing Covid-19 related economic factors, our latest rental data from the past month suggests very much the opposite; a 192% increase in signed rental contracts with those under the age of 24 in September 2020, when compared to the pre-lockdown months of January and February this year.

Of the under-24s taking out new co-living contracts with us in September, 62% were first-time renters in the capital. Additionally, 53% of under-24s opted for properties within W postcodes in the past month; at odds with the rest of the market, where SW postcodes remain our most popular.

Our Co-Founder and Director, Alex Gibbs, shared his thoughts on the influx:

“This is a really interesting trend, particularly when viewed in the context of the broader market data which actually shows a (probably temporary) net migration of young professionals out of London for the same time period.

Recent data has shown that, statistically, under-24s are at the greatest risk of losing their incomes as a result of the pandemic, and that this age group is bearing the brunt of the mental health toll as a result of the country’s COVID response. Given that this demographic also reportedly experiences lower levels of fear around the concept of actually contracting COVID-19, it is perhaps unsurprising that these individuals are more keen and more willing to relocate into the Capital for work purposes when compared with professionals in other age brackets.

Our findings here also marry neatly with data revealed by employers that remote working often presents the biggest challenge where new and emerging talent is concerned. More junior team members often require more face to face time as a necessity, in order to get to grips with things and to learn via osmosis.

Landlords and investors within the co-living space can also take solace in the fact that research conducted this month showed that, long term, there is virtually no difference in the proportion of professionals aged 25-44 planning to remain living in London, as compared with pre-pandemic. It seems that perhaps their younger counterparts are just acting a little more quickly.”

If you're interested in finding a co-living property in London, we'd be more than happy to help. Head over to our Contact Page to get in touch.

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BAM Data Shows Average Age of Co-Living Renter in London Up By 5 Years

BAM Co-Living London

As one of London’s leading co-living operators, we like to take a regular look at our data to see what trends we’re seeing when it comes to the London houseshare market. According to our latest data, we can reveal that the average age of renters living in shared properties in the capital has risen by 5 years since 2017; with couples choosing to split the cost of a rental by sharing with others also increasing by 36% since 2017.

According to our tenant data, the average age of a tenant within our co-living properties was 23.9 years old in 2017; rising to 28.2 years old in February 2020. Furthermore, our data revealed that renters are remaining in co-living property for much longer than before, rising by over 50% in the past 3 years. The average renter now remains in shared living for an average of 18.3 months, compared to 12.1 months in 2017.

Not only has age and duration increased, but more couples in the capital than ever before are seeing co-living with other renters as a viable housing option; with coupled-up renters sharing one room within a shared property increasing by 36% since 2017.

Whilst the FMCG and Tech industries remain the most prominent amongst our tenants, accounting for 19% of all tenants within our properties, renters working for FTSE100 companies has risen by 300% in the past 3 years; suggesting co-living to be an increasingly attractive proposition to those within large, white collar institutions.

“The data really reflects the ever-increasing popularity of co-living as an attractive housing option for renters across the capital, with this form of accommodation attracting an increasingly senior and discerning demographic of professionals,” explains Alex Gibbs, our Co-Founder.

“When we launched B.A.M in 2013, co-living was a relatively new concept mainly pursued by those in their early twenties at the start of their careers, with most renters in the capital seeing it as a ‘stop-gap’ option or a ‘gateway’ into the London rental market. As our data now shows, co-living is fast catching up with the single let market as an option for older professionals in increasingly upmarket professions; no doubt a reaction to the huge rise in quality and variety of co-living properties now on offer. Ultimately, co-living offers a flexible, affordable and attractive accommodation option within high-end properties with fuss-free benefits; bills and cleaning are included, and you needn’t worry about furniture, appliances, or even cutlery.”

Interested in finding a co-living property, or are you a landlord looking to work with us? Get in touch via our contact page.