Property guardianship involves residents living in buildings that would otherwise remain vacant. Initially regarded as edgy, this approach has gained traction as rental prices rise. The Kings Arms Hotel, once a boutique hotel in London, currently serves as a guardianship property.
The Benefits and Challenges
For Erika Allen, residing in a former London police station comes with its challenges. While the rent is affordable, and she enjoys a spacious bedroom, there are drawbacks too. The absence of a dedicated living room, monthly room inspections, and the chance of sudden removal are some issues.
As Allen points out, having a relaxed attitude and readiness to move can result in significant savings. This is the central appeal of property guardianship, where people pay licensing fees to reside in vacant buildings at much lower costs than typical market rents.
Addressing the Housing Crisis
Supporters view property guardianship as a potential answer to the housing challenges in London and similarly affected urban areas. “There are millions of square feet of commercial properties which are sitting empty,” states Graham Sievers, chair of the Property Guardian Providers Association. He believes these spaces can be transformed into safe, affordable homes.
The Guardianship Model
This model is simple. People, known as guardians, inhabit places like old offices, closed schools, and vacant pubs for low fees. Building owners benefit from some income and security, as having residents in a space typically prevents problems like vandalism and break-ins.
As the housing market tightens, more Londoners find property guardianship a viable and economical solution to high rent costs. This trend reflects a broader move towards adaptive reuse of urban spaces in housing-scarce cities.