Yes, we know. Extortionate rent is not a definitely not a new problem, especially in London. However, we wanted to look at how much it’s actually costing you, per sq ft. After receiving an influx of enquiries for transforming luxury log cabins or sheds into suitable living spaces, the ‘shedroom’, we were intrigued how much money these thrifty customers were saving.
The concept of a ‘shedroom’ is a fully functioning shed or cabin with heating, electrics and plumbing but it is in the garden or land of friends or family. It’s hardly surprising, especially this year, that young people are looking for ways they can have their own space whilst not forking out for hefty rent prices.
We found that a studio flat in central London will cost you 203% more, per sq ft annually, than living in a luxury ‘Shedroom’.
However, depending on where you are living in the UK, you might not actually be making a saving over the course of a year. For example, in Cardiff it is 30% cheaper to rent a studio flat in the city centre than to renovate and live in a luxury cabin. Although it is worth noting that when looking at two years in a rented studio, a ‘shedroom’ is most cost effective across the UK. In year two of renting, a cardiff studio would cost £43.20 per sq ft, which is 44% more expensive than the cost of a ‘shedroom’.
We looked at the cost of studio flats in ten major cities across the UK. We then estimated the cost of transforming a luxurious log cabin into a livable space (plumbing, heating etc). Using a 161 sq ft log cabin that is costed at £3265.00, with an additional cost of £2500.00 to cover transformation costs, we were able to calculate the annual cost and the annual cost per sq ft of the ‘shedroom’ compared to properties across the UK.
The list below shows the cities, their costing and price increase in comparison to a ‘shedroom’, per sq ft yearly:
Central London – 312 sq ft studio flat – 203% higher
- PCM: £2383.00
- Annual cost: £28,596.00
- Cost sq ft annually: £91.00
Oxford city centre – 193 sq ft studio flat – 149% higher
- PCM: £1205.00
- Annual cost: £14,460.00
- Cost sq ft annually: £74.90
Edinburgh city centre – 500 sq ft studio flat – 108% higher
- PCM: £1452.00
- Annual cost: £17,424.00
- Cost sq ft annually: £62.45
Leeds city centre – 236 sq ft studio flat – 90% higher
- PCM: £1123.00
- Annual cost: £13,476.00
- Cost sq ft annually: £57.10
Brighton city centre – 226 sq ft studio flat – 89% higher
- PCM: £1070.00
- Annual cost: £12,840.00
- Cost sq ft annually: £56.80
Bristol – 376 sq ft studio flat – 9% higher
- PCM: £1025.00
- Annual cost: £12,8300.00
- Cost sq ft annually: £32.70
Manchester city centre – 403 sq ft studio flat – 7% lower
- PCM: £936.00
- Annual cost: £16,920.00
- Cost sq ft annually: £27.90
Birmingham city centre- 646 sq ft studio flat – 14% lower
- PCM: £1410.00
- Annual cost: £16,920.00
- Cost sq ft annually: £26.20
Newcastle city centre – 437 sq ft studio flat – 21% lower
- PCM: £900.00
- annually cost: £10,800.00
- Cost sq ft annually: £24.70
Cardiff city centre – 500 sq ft studio flat – 38% lower
- PCM: £900.00
- Annual cost: £10,800.00
- Cost sq ft annually: £21.60
The estimated costs for a luxury ‘shedroom’ are as follows:
Luxury ‘Shedroom’ – 161 sq ft
- One of payment: £2409.00
- Cost of renovation: £2500.00
- Total annual cost: £4909.00
- Cost sq ft annually: £30.00
On average, converting a luxury log cabin or shed into a living space is 43% cheaper than renting a studio flat in the UK, based on the sq ft per year. With a ‘shedroom’ there are no monthly rental costs, so the annual costs decrease with every year lived in the cabin. So, if you were to live in a ‘shedroom’ for five years, the amount saved would increase yearly.
So, if you’re a Londoner and are looking to move into a studio flat sometime soon, why not look into your other options?
Also, we’d love to hear from you! Do you know someone who lives in a ‘shedroom’? Or looking to do so yourself? Comment below.