Demand for student rental accommodation is so high that students are already signing up for lets as of the academic term starting in the autumn of 2023. Recently, there have been examples of tenants queuing up overnight in an attempt to arrange student letting for this academic year, and local letting agents have been overwhelmed by demand.
This creates an opportunity for property investors and landlords to acquire new investment stock via our agency, in one of the finest areas of the North East of England, and meet the demands for the 2023 with pre-let stock.
There are strong opinions regarding student housing in Durham
Durham Student Union, through their president, Joe McGarry, spoke to The Northern Echo, saying: “There is a housing crisis in Durham. Students looking for housing right now know that the cost and availability of houses mean they risk not being able to find somewhere affordable. Durham has too many students for the size of the city, and not enough planning has gone into this. The University has a responsibility to the students they recruit and admit, and have a duty of care to students whether they live in university-managed accommodation or not.”
A Durham University spokesperson explained how the unique challenges of recent years has impacted demand for student accommodation in 2022: “We work hard to support our students across both academic and non-academic matters, including working with Durham Students’ Union and student leaders as appropriate. As with many universities, our student intake for 2020 and 2021 was higher than anticipated due to unexpected shifts in the grading of A-levels and other Level 3 qualifications. We anticipate our student population returning to a maximum of 21,500 over time, as the larger intakes of 2020 and 2021 progress to graduation.”
How to get ahead with student letting
If you are thinking of entering the student rental market in the North East of the country, we can help. We assist landlords and property investors manage their property, find tenants and take care of every aspect of this business. If you want an insight into what matters for students when looking for rental accommodation, please consider the following points:
One of the most important factors to consider when choosing student accommodation is the location. Students will want to choose a location that is close to your campus or place of study, as this will make it easier for them to get to and from classes. Additionally, students may want to choose a location that is close to amenities such as shops, restaurants, and cafes.
Another important factor to consider is the cost of the accommodation. Student accommodation can be quite expensive, so tenants will want to make sure that they choose a place that is within their budget.
When choosing student accommodation, the size of the place is an important issue. Any student planning on sharing their accommodation with other students will need to make sure that there is enough space for everyone. Anyone looking for a place to live on their own, may want to choose a smaller place so that they can save on rent.
Another important factor to consider is the facilities that are available in the student accommodation. Many students will want to make sure that there is a kitchen so that you can prepare your own meals, as well as a laundry room so that you can wash your clothes. Additionally, you may want to choose a place that has a common room where you can socialize with other students.
When choosing student accommodation, it is also important to consider security. A growing number of students are looking for accommodation covered by CCTV and which has security guards on or close to the premises.
Finally, when choosing student accommodation, the length of the contract matters. Most student accommodation contracts are for an academic year, but with heightened demand, some landlords find tenants are happy to sign for multi-years.
We understand these issues, and more, and we are delighted to liaise between yourself and tenants in the local student rental market.
Contact Urban BASE for all your property market needs
If you would like to arrange an appointment to discuss your next move in the property market, we are always happy to help. Call us on 0845 6431186 today.