Tenants Unprepared for Shared Living Risks
- Sarah Ruivivar
- Oct 13
- 2 min read
Oh, the joys of shared living!
The camaraderie, the shared Netflix passwords, and, apparently, the shared financial risks that many tenants are blissfully unaware of.
A recent survey by Housing Hand has uncovered a rather alarming truth: a significant number of tenants in shared accommodations, like HMOs, are not fully prepared for the potential pitfalls of their living arrangements.
Out of 1,700 surveyed, only a third knew what would happen if a housemate skipped out on their rent. Even fewer, just 44%, understood the implications if housemates decided to move out at different times. It seems the fine print of tenancy agreements is as mysterious as the Bermuda Triangle to many.
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The survey highlights a particular concern for students, who are often new to the rental world. With the academic year kicking off, many are diving headfirst into shared living without a life jacket. Graham Hayward, Managing Director at Housing Hand, warns that students signing joint and several contracts might not realise they could end up covering a housemate's unpaid rent. Imagine a £500-a-month room turning into an £18,000 liability—yikes!
And let’s not forget the personal guarantors, often unsuspecting parents or relatives, who might inadvertently find themselves financially responsible for strangers. It’s a classic case of “I didn’t sign up for this!”
So, dear tenants and guarantors, before you sign on that dotted line, make sure you know what you're getting into. Because in the world of shared living, ignorance isn’t bliss—it’s just expensive!
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