在英国购房出租作为投资，“群居出租房”（HMO）不再是最赚钱的模式。

所谓的“拥有多单位的永久产权大厦”是指包括购买整幢公寓大楼或将大厦改建成公寓，2014年10月到12月间，投资者的租金收益率达到9.3%。

这些收益数据是基于从2011年以来主要抵押贷款购房出租代理业务中成千上万的实际交易而得出的，均为“毛利收益”。这就意味着投资者不考虑如房屋按揭，维修费用和地租 -  或租赁中介费和收入所得税等附加费用的成本。

该图表（见下方）将租赁市场内如公寓大厦，群居出租房和主要含两或三间卧室的独立屋或公寓等租赁投资类型作比较。

投资公寓大厦并不便宜。伦敦市外的一幢含8套公寓的大厦起售价大概在50万英镑左右，而在伦敦市中心同等类型的公寓大厦起售价却在400万英镑。

然而，近年来投资者对公寓大厦的平均投资预算有所下降。在2011年初，房屋均价为932,148英镑，需支付44%的押金。现在房屋均价为497,644英镑，需支付36%的押金。

通常情况下，业主将公寓租给租客个人，然后收取单元租金和地租。

目前投资者可以在诺丁汉（ Nottingham）地区购买内含8套公寓的维多利亚式改建房屋，市值47.5万英镑。根据在线房地产门户网站Rightmove指出，目前该类房屋的租金收益率为7%。而在伦敦金丝雀码头（Canary Wharf）区的内含20套豪华公寓的豪宅项目目前售价为3,300万英镑。

群居出租房还会持续发展强劲

群居出租房的租金收益率比传统的购房出租高，但利润在过去几年内持续下滑。将一套住宅隔成多个房间来出租，租客们共享一个居住空间，但需要各自签订租赁合约，这类出租房的租金收益率比去年同期减少1.4%

多单位的公寓因已形成“规模经济”且租金利润丰厚，但可能只会令大额投资者获益。

同时，因租客需求量高，所以群居出租房依然大受欢迎。出于各种原因，包括五年内英国国内薪酬涨幅有限，许多租客依然租不起整套住宅。因此，相比租下整套住宅，许多租客依然喜欢租单个房间，2015年群居出租房的需求将会保持平稳增长。”

根据Your Move and Reeds Rains房地产连锁公司指出，现时英格兰和威尔士地区的平均租金从2014年12月起从每月745英镑上涨到现时每月767英镑。

英格兰和威尔士地区主要出租房屋的总租金收益率为5.1%，同时平均资本收益达到10,546英镑。

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Experts say "economies of scale" are behind the rise in rental yields for blocks of flats

“Houses of multiple occupation” (HMO) is no longer the biggest earner in buy-to-let.

So-called "multi-unit freehold blocks", which involve buying a block of flats or a converting a building into apartments, earnt investors 9.3pc in gross rental yields between October and December 2014.

These yield figures, based on thousands of actual transactions made since 2011 through leading buy-to-let broker Mortgages for Business, are “gross”. That means they don’t take into account costs such as servicing a mortgage, maintenance costs, ground rent – or add-ons such as letting agent fees and income tax.

The chart (below) compares rental yields across buy-to-let investment in blocks of flats, HMOs, and mainstream buy-to-let which usually involves a two or three-bedroom house or flat.

Investing in blocks of flats doesn’t come cheap. Prices start at around £500,000 for an eight-apartment building in a city outside London and £4m for the same size building in central London.

However, the average buyer’s budget for a block of flats has fallen in recent years. In early 2011, the average property price was £932,148 with a 44pc deposit. Now, investors pay £497,644 on average with a 36pc deposit.

Typically, landlords rent out the flats to individual tenants, charging rent for the individual flats and a ground rent.

Currently, investors can buy a converted Victorian home with eight flats in Nottingham, on the market for £475,000, which currently yields 7pc, according to online property portal Rightmove. A luxury development of 20 apartments in Canary Wharf, London, recently sold for £33m.

HMO will continue strong performance, experts say

HMO rental yields are higher than more traditional buy-to-lets, but returns have slipped over the past year. Slicing up properties for multiple occupants, where tenants share a living space but hold separate rental agreements, yields 1.4 fewer percentage points than at the same point last year.

Multi-unit flats are lucrative because of "economies of scale" and therefore may only benefit high value investors.

Meanwhile HMO remains popular with high demand from tenants. "For a multitude of reasons, not least stagnant wage growth for half a decade, many tenants simply can’t afford an enormous flat with a spare bedroom," Mr Whittaker said.

"As such, the attraction for many of renting a room rather than whole property will ensure that there is a steady yield-boosting demand for HMOs over 2015."

The average residential rent across England and Wales is now £767 per month, up from £745 in December last year, according to estate agent chains Your Move and Reeds Rains.

The gross yield on a typical rental property in England & Wales is 5.1pc, while the average capital gain amounts to £10,546.