Tenants living in a 13-bed shared house up for sale in south Bristol would pay their landlord more than £100k a year in rent. The house is being auctioned on Bath Road in Brislington, and its listing on Rightmove claims that the landlord would receive £9,335 a month in rent, totalling £112,020 per year.
The cost of rooms in the house would range from £800 per to £590, all including bills. And because the landlord covers the bills, it slightly reduces their annual income from the house to £98,748, according to a summary of operating costs on the website of Hollis Morgan, who are auctioning the property.
The house is listed at a price of £1,200,000, and a buyer would need to pay a £1,200 premium. The listing says that the property was "formerly a hotel and was recently converted into a 13 Bedroom fully HMO licensed luxury co-living premises", with HMO standing for "house in multiple occupation".
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And it goes on to say that HMOs "offer a higher rate of return compared to most other residential property investments and we have seen a huge rise in the demand from buyers for what was 10 years ago a niche market but is now increasingly 'flavour of the month'". There are more than 134,000 people currently renting privately in Bristol - one in three people living here are private renters.
But while wages have risen by 24 per cent in the past ten years, rents have gone up by 52 per cent - more than twice the increase of people’s pay packets. A special Renting Summit is being held next month by Bristol City Council to encourage tenants to share their experiences of renting, with a view to possibly trialling rent caps in the city.
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