‘Rent-A-Room’ on the Rise at Park Central, Birmingham

Crest Nicholson has reported a surge in ‘Rent-A-Room’ activity following an increase in homeowners choosing to welcome a tenant at its Park Central development in Birmingham.

Consisting mainly of first time buyers, entrepreneurial homeowners are sharing their second bedrooms with rent paying friends in the two bedroom apartments at Park Central, helping cover monthly outgoings including mortgage repayments, utility bills and council tax.

Last month, dailymail.co.uk reported that living with another person saves the homeowner £3,500 a year compared to living alone. For those living in a multi-person household it costs around £10,500 a year, including essential bills and non-essential items such as night outs and going to the gym, but for those living alone this figure rises to just under £14,000 a year.

Ruth Williams, sales manager for Park Central says: “Homeowners at Park Central are increasingly easing the financial cost of living alone by taking in a lodger; particularly first time buyers who are wishing to get on the property ladder but who also want to enjoy living with friends. The recent increase in renting a room shows just how easy it can be to rent out a room, especially since our large living rooms and spacious kitchens offer the perfect communal area.

“By renting out a bedroom you are not committed to a standard length of tenancy so you have the added benefit of choosing how long the living arrangement suits you. Many homeowners at Park Central are enjoying living with a friend and are reaping the benefits of city centre living unhalted by financial restraints.”

Many homeowners at Park Central can benefit from the government’s Rent-A-Room scheme whereby anyone who owns a property, and uses it as their main residence, can have a tenant. Under the Rent-A-Room scheme the homeowner is entitled to a tax free income of up to £4250 a year.

Research by the SpareRoom website found that 78 per cent of homeowners could cover their average mortgage arrears by taking just £82 a week in rent from a lodger.

Combining a range of apartments, duplexes, penthouses and freehold townhouses, Park Central has created a vibrant new community in Birmingham city centre. Bordered by Bath Row and Lee Bank Middleway, and just minutes from The Mailbox, it is a national award winning residential development. Lower Parkside, the latest phase of the development, offers a range of two bedroom apartments alongside highly exclusive two, three and four-bedroom freehold townhouses. Prices start from £145,000 for a two bedroom apartment including spacious terrace. Two stylish show homes are also currently open to view.

For more information on Park Central, visit the marketing suite, which is open daily from 10am to 5pm and is located at Park Central, 2 Mason Way, Birmingham B15 2EY. Alternatively, visit parkcentral.co.uk.