Only My Share reports 82% increase in sales in midst of pandemic
- Sales up by 82% between March and September 2020 in comparison to the same period for 2019
- Website rebrand driven by increased demand
- COVID-19 pandemic making renters more aware of financial liabilities
Rent arrears protection service Only My Share has reported a steep rise in demand for its joint and several liability cover from tenants and landlords alike, as the COVID-19 pandemic serves to make renters more conscious of their financial liabilities.
Part of the Housing Hand family, Only My Share offers rent arrears protection to those who rent rooms individually (along with their guarantors), to prevent them from being liable should a housemate fail to pay their rent under a joint and several clause. The company saw its sales numbers climb by 82% between March and September 2020, in comparison to the same time period of 2019.
“The COVID pandemic has caused many renters to reassess their living arrangements. With challenges and uncertainties around everything from job security to university placements, everyone is being a lot more cautious about their financial futures. For instance, as students have returned back to universities, parents do not want to be potentially liable for thousands of pounds of somebody else’s rent. This is driving demand for arrears protection for those renting out rooms.
Terry Mason, Group Operations Director, Only My Share
Driven by this increase in sales and the need for rent protection, Only My Share has taken the opportunity to rebrand its website. As well as making its site more intuitive for customers and delivering enhanced information, the new B2B service will allow landlords to purchase Only My Share protection on behalf of the tenant.
Only My Share primarily serves university students living in houses in multiple occupation (HMO) properties. However, 44% of its users are in the 25- 44 age bracket, meaning that it’s a product for the emerging “generation rent,” as renters of all ages realise the need for rent protection in these turbulent times. By enhancing the user experience, the company is ensuring that all those who need it get the best out of its website.
While the increase in interest in Only My Share has been driven to an extent by the global health crisis, it has served to make many more renters aware of the precarious position they are in. Potentially being liable for somebody else’s rent is never an ideal situation, so Only My Share is looking forward to continuing to help protect individual renters. The company is also on the brink of revealing a new business to business service offering.
“As understanding of rent arrears protection grows, we foresee a continuing increase in demand. The economic impact of the COVID-19 pandemic hasn’t yet been fully felt. It’s encouraging that so many more people are protecting themselves from becoming liable for other tenants’ rent arrears before it is. The launch of our new website and our new B2B service will help those who are being cautious renting in the private market.”
Jeremy Robinson, Group Managing Director, Only My Share