People attend The Girlies Club, a speed-dating style networking event that brings together people looking for flatmates to rent in London – Copyright AFP HENRY NICHOLLS

Julie EZVAN

“I’m a software engineer,” says Josephine Wright, cocktail in hand, as she introduces herself to another woman in a bar in west London.

Just like the 70 other young women who paid her £7.50 ($9.65) fee, she has only one goal: to find her ideal roommate.

It’s a small price to pay, they say, to speed up a search process that could otherwise take months in a city plagued by high rents and limited choice.

Without wasting any time, the women begin a question-and-answer session with the potential roommates about their preferred neighborhoods, jobs, backgrounds, and hobbies, trying to talk to as many people as possible in two hours.

Despite the time constraints, the atmosphere is relaxed. Between loud chatter and laughter, you can hear the sound of cocktail shakers behind the bar.

Wright, 25, lists her three preferred neighbourhoods: “Greenwich, Walthamstow and Lewisham”, while another participant stands next to a stickered sign reading “East” for those looking to rent an apartment in East London.

Both wear blue bracelets to signal that they are first looking for roommates and then for a place to stay.

Fewer people wear purple bracelets, namely those who already have an apartment to rent and are looking for candidates to move in.

“I think it’s particularly unique in London that you have people in their 30s and 40s in shared flats. I don’t think it’s a situation that people particularly want to be in, it’s a situation that they’ve just been forced into,” says Rachel Moore, co-founder of event organiser Girlies Guide.

Many participants cannot afford to rent an apartment in London on their own, even with a seemingly comfortable budget of up to £1,500 ($1,900) per month.

– “New phenomenon” –

“If you’re looking for a nice place to live, you’re basically looking at around £1,500 to £1,800 or £2,000 a month,” notes Ioanna, a 22-year-old intern from Greece.

In shared accommodation, tenants can find a room for under £1,000.

With rents rising in London, more and more young professionals are staying in shared accommodation rather than becoming self-employed.

“This is a new phenomenon,” says Antonio Mele, associate professor of economics at the London School of Economics.

Higher interest rates put pressure on landlords and cause them to increase rents or even sell.

The result is fewer rental apartments and higher prices.

The new British Labour government has announced that it will alleviate the crisis by easing building restrictions to allow more new homes to be built.

However, the lack of suitable land and potential opposition to development plans mean it could take years to achieve this goal.

On average, tenants spend between 35 and 40 percent of their income on rent, says Mele. He expects this share to rise in the coming years.

– Appointment in London –

For many, sharing housing costs has therefore become a necessity – although finding a good solution is not easy.

“You send a lot of messages and don’t get many replies,” says Megan Brewer, 35, who moved to London from Sydney.

Some unscrupulous landlords take advantage of this situation and turn living rooms into bedrooms or divide rooms into two parts.

“What is advertised as a room may only be acceptable as storage in other European countries,” adds Mele.

“They have no windows, only the bed fits in and they are offered for insane amounts.”

Moore and co-founder Mia Gomes struggled with the rental market before launching their “speed dating” events for roommates.

“When we look at the properties, the landlord tells us, ‘I looked at 30 other groups today and the property has only been on the market for a day or two,'” says Gomes.

“Ultimately, you end up in bidding wars for a property and end up paying far more than the property is actually worth.”

But for many, life in London, with its thriving job market and cultural life, is still worthwhile despite the difficulties.

“I have to cut down on my savings. But I think this is a good compromise,” Wright adds. “I’m in my twenties. I want to live my life and be out there.”