UK residential · Value-add co-living

Institutional-grade co-living, assembled from the UK's ageing rental stock.

HMOCapital acquires under-performing family houses in supply-constrained towns, converts them into licensed, energy-efficient co-living homes for working professionals, and aggregates them into a stabilised portfolio, held for income until an institutional buyer meets our price.

Line drawing of a Victorian terrace. One house is lit, its roof raised slightly above its neighbours with a loft dormer: the converted home.
A typical South Coast terrace. One conversion turns a three-bedroom family let into seven en-suite rooms.Illustrative
01 — Why now

Three forces are moving in our favour.

  1. iRents are outpacing prices.UK rents rose 3.8% in a year while house prices rose 0.9%,1 and room rents hit record highs in six of nine regions.2
  2. iiRegulation is pushing small landlords out.The Renters' Rights Act took effect in May 2026, a landlord register opens in December,5 and an EPC C minimum is proposed for 2030, when about half of rented homes fall short today.6
  3. iiiPlanning is limiting new supply.HMO refusals doubled between 2021 and 2025,3 and 75 to 80 councils now require full permission for small HMOs.4 Consented, licensed homes are becoming scarcer.
Read the full investment thesis →
Annual change: private rents vs house prices Rents to Sep 2026; prices to Aug 2026. ONS.1
Private rentsHouse prices
02 — The conversion

One family let becomes seven en-suite rooms.

En-suite Shared space New-build extension
Before3-bed family let · 1 tenancy
Floor plans before conversion: ground floor with living and dining rooms and a small kitchen in the rear outrigger; first floor with three bedrooms and one bathroom; unused loft.
£19,800gross rent a year
After7 en-suite rooms · 7 tenancies
Floor plans after conversion: ground floor extended 2.5 metres at the rear and across the side return for a shared kitchen, living and dining room, plus two en-suite rooms; first floor with three en-suite rooms; loft with a dormer and two en-suite rooms.
£69,720gross rent a year, at £830 a room a month
Every bedroom en-suite

Seven private rooms, each with its own shower room.

Extended ground floor

The side return is infilled and the rear extended, creating one large shared kitchen, living and dining room.

Loft brought into use

A rear dormer adds two rooms in space that earned nothing before.

Shows how a conversion changes a house's layout and rent roll. Not to scale, not a forecast, and does not describe investor returns. Returns are available to qualifying investors →

03 — Strategy

From single houses to one institutional portfolio.

Individually, a converted house is too small for an institution to own. Hundreds of them, standardised, licensed and run to one standard, form a portfolio that institutions can buy. We create value at the asset level through conversion, and at the portfolio level through aggregation.

Many small projects carry less risk than one large one. A refusal or delay on any single site affects a small share of the portfolio, and lessons from each site feed into the next.

A late-Victorian red-brick terrace with white gabled bay windows and cars parked along the kerb; one house has been converted, with a slate loft dormer
  1. 01AcquireThree- and four-bed houses in employment towns where demand for rooms outstrips licensed supply.
  2. 02ConsentHMO planning consent and licensing secured for every home.
  3. 03ConvertExtended and upgraded, with an en-suite for every bedroom, to one common specification.
  4. 04LetRooms let to working professionals, bills included, run to one standard.
  5. 05Term out and holdRefinanced onto long-term debt at stabilisation, held for income, and sold when our target price is achieved.

Read more: our strategy · our platform · conversions by our delivery team

Investor access

For family offices, institutions and qualifying private investors.

The information memorandum, financial model and terms are held in a private data room for approved professional, certified high-net-worth and self-certified sophisticated investors.