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Monday Jun 25, 2018

Sharing homes to reduce costs

The increasing need to cut living costs and the desire for more socialising is contributing to the rise in popularity of sharing a house. House sharing, or co-living, differs from multi-generational living because the housemates are not related and usually share to ease the costs of rent and utility bills.

Many of these tenants also enjoy the social aspect of sharing homes. Stats SA’s most recent Living Conditions survey found that in 2014/2015, a total of 2.9% of South Africans were living in "complex" households, defined as those where some of the members are not related to the head of the household.

Although this is a small percentage of the country’s population, it translates to about 1.5 million people, based on results of the 2011 census. This trend of sharing homes is expected to grow as the cost of living increases and people look for added security.

At HouseMe, an online platform that connects tenants and landlords, almost 10% of the rental contracts since April have been for house-shares or sub-letting within a single property, says founder and chief executive, Ben Shaw. This figure has more than doubled since the start of the year, he says, adding there is also a growing number of landlords wanting to let their properties room by room.

"We estimate close to 20% of these communal properties have been let to tenants over the age of 30 – often people with secure jobs and stable incomes. Pricing pressure is driving tenants to convenient, value-for-money rentals and communal living can no longer be perceived as a deal-breaker.”

Read more on Property360...

Bonnie Fourie
Property360.com

    
 

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