The Future for HMOs post Coronavirus
10:51 AM, 19th June 2020, 6 years ago
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During the current pandemic I am now thinking about the after affects on the rental market when it ends.
In particular what everyone thinks will happen to the demand for and the ongoing lettability of HMOs considering they are shared living and whatever the new social norms will be?
I know there are no crystal balls, but it is something to consider.
Many thanks
Marie
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Who pays what? I'm out of pocket!
Member Since March 2018 - Comments: 182
2:06 PM, 19th June 2020, About 6 years ago
Possible attitude changes as a result of the Lockdown experience:
.) A shared house is better than living alone in a flat staring at the TV news
.) A shared house with a garden is better than a flat in a tower block.
.) A bedroom ensuite is better than a shared bathroom in an HMO.
.) Space to work from home in your bedroom is more valuable.
.) All bills included in your rent is useful when income is more precarious.
.) HMOs often have many showers, so if yours breaks you can use another easily.
please add your own thoughts…..
Member Since July 2013 - Comments: 1998 - Articles: 21
2:15 PM, 19th June 2020, About 6 years ago
We own and manage a number of HMOs and, thankfully, are getting to the end of lockdown. In March one of our tenants tested positive for COVID-19 so the whole house had to self-isolate. All in their 20s and all fully recovered as far as we can tell. We stood our cleaners down where tenants requested (but continued to pay them).
We have more voids than usual as some tenants left (e.g. to return home overseas) and we could not get new tenants in. I don’t think the demand will be affected by the virus. Indeed as Peter G says tenants know exactly what it will cost them every month. It is also easier to leave an HMO than a house with joint and several liability.
As for COVID-19, living in an HMO creates the same issues as unrelated people renting a house together or a family with children.