Increase in household bills will cause tension among 82% of renters in shared homes

Eight out of ten (82%) people who live in shared rented properties say that the rising cost of household bills is likely to cause more arguments between them and their housemates within the next six months, according to new research from Comparethemarket. Nearly three-in-five (58%) say that higher energy bills are already causing tension among renters in shared homes.

Nearly half (49%) of people in shared rented properties believe their housemates use more than their fair share of electricity. Over half (54%) of renters are concerned about the cost impact from housemates leaving the heating on for too long. A similar proportion have frustrations with their housemates not switching lights off (54%), leaving appliances on (53%), and using the washing machine or dryer too often (45%), all of which increase household energy usage and therefore household expenditure.

Renters are even moving homes due to tensions over household bills; 38% of housemates have ended up moving out and finding a new home due to arguments with housemates. 

With nearly two-in-five (37%)  saying their shared homes aren’t energy efficient, some landlords have taken steps to remedy this. Nearly a third (31%) of landlords have installed a smart meter in the past 12 months, almost a quarter (23%)  installed insulation, and one fifth (20%) have installed a more energy efficient boiler. However, over one-in-five (22%) renters say their landlord has not done anything to make their home more efficient.

To be able to afford higher bills, over half (53%) of renters say they will likely need to go into their overdraft. More than two-fifths (45%) of people expect to take out additional loans, 51% think they’ll need to borrow money from friends or family, and nearly three-in-five (58%) say they’ll likely have to take on an additional job to help them pay their share of rising household bills.

Alex Hasty, Director at Comparethemarket said “Rising costs are not only impacting household budgets but also friendships and relationships. In shared homes, conversations around energy efficiency and splitting bills may not be comfortable but are necessary at a time when financial anxiety is understandably high. To reduce risks of arguments, households can team up and search for ways to save money. By doing a quick comparison online, you can see what savings you could achieve on various bills, such as insurance, broadband or phone deals.”