How are HMO’s and co-living regulated?
HMO’s and co-living schemes are regulated by both the town planning and housing legislation.
Town planning legislation: HMO’s and co-living schemes are subject to different town planning policies depending on the size and location of the property. In some areas, HMO’s and co-living schemes are supported by local planning policies.
Housing legislation: HMO’s with five or more occupiers must be licensed by the local council. Co-living schemes are not currently subject to mandatory licensing, but local councils have the discretion to refine licensing to be applied If they see fit.
What are the benefits of HMO’s and co-living?
HMO’s and co-living schemes can offer a number of benefits for both landlords and tenants. For landlords, HMO’s and co-living schemes can be a more profitable use of property than renting to individual tenants. For tenants, they can offer a more affordable and convenient alternative to renting a traditional flat or house.
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What are the drawbacks of HMOs and co-living?
HMOs and co-living schemes can also have some drawbacks. For landlords, HMOs and co-living schemes can be more difficult to manage than renting to individual tenants. For tenants, they can be noisy and crowded and there may be a lack of privacy. As they provide a relatively intense use, neighbours are often resistant to the introduction of new HMO’s.
If you are considering converting your property into an HMO or co-living scheme, it is important to weigh the pros and cons carefully. HMO’s and co-living schemes can be a great way to generate income, but they also come with some additional challenges.
If you have any questions in relation to this or any other forms of development, then we would be delighted to speak to you.
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