Making Moves
Founder and partner of the award-winning co-living property agency, Babouris, Alex Babouris shares his advice on navigating the Cambridge rental market
Over the last decade, Cambridge saw the largest rise in rent prices across the UK, yet more people are still choosing to rent.
The private rental market is one of the most expensive in the country and Cambridge has the highest average monthly rent in the UK (excluding London) at over £1,500 per month.
For house shares, this stands at over £800 a month for a double bedroom, including bills.
Many factors – including the rising mortgage costs, increasing utility bills and changes to taxes – contribute to the rising rents.
With the current lack of housing, increased rate of population growth and a finite land resource, the competition for each home rises, further driving up rental costs.
The popularity of Cambridge as a place to live and work brings both opportunities and challenges – heightening a need for more sustainable and affordable housing to retain vital younger workers and students.
Cambridge needs co-living more than ever
Co-living is the future for many – offering a sustainable and cost-effective way of living which – when done right – can feel like an upgrade.
As a leading co-living operator in Cambridge, we believe shared homes must provide more than just a room to rent.
Co-living is about communities.
Moving to a new city and living on your own can become quite isolating, whereas with shared homes you’ve instantly got a network.
The social aspects of sharing a home are also just as important as the quality of the space itself. Covid-19 highlighted the importance of social interaction, leading to an increased demand for connection – both at the workplace and at home.
In addition, prioritising sustainability is non-negotiable when addressing the housing challenges in Cambridge.
Co-living repurposes single-family homes into homes of multiple occupancy.
As a result, tenants benefit from reduced rent with bills included, alongside community living and support with repairs and maintenance.
Babouris is on a mission to address housing challenges within Cambridge in a sustainable way by creating quality spaces and inclusive, supportive communities.
Debunking the HMO Myths
HMOs (homes of multiple occupation) in the private sector are seen as an option for those needing low-cost housing.
Most associate them with tired, grubby places to live.
Yet HMO has nothing to do with the tenant; it only refers to the licensing.
The licence is provided to a landlord, setting out the baseline: the minimum requirement for compliance to run a shared home and does not consider the tenant.
Living in a shared home also shouldn’t compromise on comfort.
We found that Cambridge renters recognise the cost and sustainability benefits available to them, being more likely to choose co-living if the accommodation and service is of a higher quality.
Babouris has worked hard over the years to find harmony that works both for landlords and tenants. Working closely with landlords, we deliver a good profit for them.
At the same time – using our experience of managing these properties – we continuously improve the renter experience by adapting these homes to better suit the co-living lifestyle.
This is by creating modern spaces, adding en-suite bathrooms where possible and preserving communal areas to make it feel like a home.
Ultimately, quality homes lead to happier tenants and less gaps in occupancy, resulting in happier landlords!
To find out more about how Babouris is redefining co-living in Cambridge, visit babouris.co.uk
