The owner of this central London flat is letting housemates choose their rent — how much would you pay?

From nightmarish landlords to sky-high prices, the London renting market is notoriously hellish.

It’s still markedly expensive to live in the Big Smoke, with average rents reaching £2,121 per month in April 2024, according to statistics from Zoopla.

Now, the owner of one central London flat is letting housemates with lower incomes choose their own rent, offering up a ‘pay what you can’ deal.

Rupert Hunt, the founder of flatsharing website SpareRoom, is searching for a new housemate to join him at his home in Spitalfields in East London.

So, what inspired Rupert to allow potential flatmates to choose their own rental terms?

When he started his business, the mantra was – and continues to be – that ‘living with the right people is better than living on your own.’

Along these lines, this isn’t the first time he’s welcomed Londoners into his home for less than the market value, as over the years he’s hosted as many as 14 tenants, ranging from 21 to 51.

(The property has seen 14 different tenants since Rupert bought it (Picture: SpareRoom)

(The room is in Spitalfields, East London (Picture: SpareRoom)

In fitting with his ethos, each has only paid what they could afford.

Some paid nothing at all, while others with higher incomes offered the full market rate for the area – which, according to statistics from BLG Development Finance and Online Marketing Surgery, reached an average of £2,196 in Tower Hamlets borough earlier this year.

This made the area the eighth most expensive area in London, with Kensington and Chelsea placed in first place with average monthly prices of £3,322, while Westminster sat in second place with costs of £2,961.

What’s more, the prospective housemate will have almost an entire floor to themselves amid a newly refurbished 300-year-old Georgian townhouse.

(Rupert offers a ‘pay what you can’ deal (Picture: SpareRoom)

(There’s even a garden too – a rarity in central London (Picture: SpareRoom)

It’s not just the bedroom that brings in the wow factor either, as the shared spaces include a lounge, a cinema room, a music room (complete with instruments), a dining room and even a garden – another element that’s not always a given when renting in London.

(Rupert’s cat Boo is also a tenant (Picture: SpareRoom)

(We suspect Boo doesn’t pay any rent (Picture: SpareRoom)

‘There are 26 million empty rooms in owner-occupied houses – encouraging more people to rent theirs out would really help the housing crisis. More rooms means lower rents, which has to be a good thing.’

Interested? You can apply to live with Rupert through the SpareRoom listing.

Ref: The owner of this central London flat is letting housemates choose their rent — how much would you pay? (metro) Photo Credit-SpareRoom