What Is Shared Accommodation?

Sharing is caring, not only for your social life but also for your finances. And so is for your shared accommodation.

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Sharing accommodation can help reduce rental costs. Whether it is a shared house or a shared room, bills and everything else related to the cost of renting are being split between the occupants . Now, that’s all well and good, but if you’re not really sure how shared accommodation works, then this Mashroom guide will come in handy. Keep reading and learn more about this money-saving, social way of renting!

What does shared acommodation involve?

Shared accommodation means that renters live in the same property and share specific spaces. Typically, each renter has their own bedroom and shares other rooms, such as the living area, kitchen and sometimes the bathroom.

Shared living means that you will share a property with others, hopefully harmoniously!

How does shared accommodation work?

You can make plans to share a property with friends, or you can live in a house with people you don’t yet know- it all depends on your circumstances. Some properties are advertised as a house share, while others require renters getting together beforehand to rent a home together.

Once you’ve found a property, it all goes ahead the same as a typical rental deal.

people sat in their new bedroom with packed boxes

Different types of shared accommodation

What is a flat/house share?

Home sharing is the most common type of house or flatshare: it’s an easy and cost-effective way to live. If you decide to rent out a property with friends, it will be a joint tenancy. This means that all tenants are jointly liable under the contract. So, if one tenant moves out, your landlord could demand that the remaining tenants make up the difference in rent. However, in the majority of cases, the landlord will find another tenant and a new tenancy agreement will begin.

If you decide to rent a room in a shared house, each tenant has a separate agreement with the landlord. There are obvious advantages to this as you only need to worry about yourself. The downfall is that you don’t know who you’re going to be living in with, and you may not get along.

What are live-in landlords?

Live-in landlords often advertise rooms to rent. With this kind of shared accommodation, an individual or a family rents out a spare room in their house to a tenant. On occasion, this can be a tricky situation to live in as you may not feel entirely relaxed. Yet, it is an excellent option for those who commute during the week and go home on the weekends.

people relaxing in their shared accommodation living room

What are sublets?

Sublets are a little controversial and are generally not permitted by landlords. In some cases, and with a good enough reason, landlords do allow tenants to sublet. However, you should discuss this prior to agreeing on anything.

Shared accommodation is a great way to save money and live in a social environment. It usually works well for students and young professionals who are still without other ties or commitments. If you’re moving to a new city and want to make friends, shared accommodation may be the perfect living solution for you.

What about your possessions?

Something to consider when you’re renting – whether you’re sharing or not! – is how your possessions are protected. So many renters don’t get contents insurance, assuming they won’t need it, but when you do need it, you could find yourself massively out of pocket if you haven’t covered your possessions.

From just £3.12 per month, Mashroom’s Tenant’s Contents Insurance covers your possessions inside and outside the home. This means, when you head out with your expensive phone in your pocket or your laptop in your rucksack, should those be lost or stolen, you would still be covered.

Have a chat with one of our advisors to find out more and get a more accurate quote. We recommend always getting contents insurance, but it’s especially important when you live with other people as you can add accidental damage cover – just in case!

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Mashroom is an appointed representative of Adelphi Insurance Brokers Ltd. Adelphi Insurance Brokers Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Their Financial Services Register number is 594620, with permitted business activities being introducing, advising, arranging, dealing as agent, assisting in the administration and performance of general insurance contracts and credit broking in relation to insurance instalment facilities. You may check this on the Financial Services Register by visiting the FCA’s website, register.fca.org.uk or by contacting the FCA on 0800 111 6768

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