Renting accommodation to students is a lucrative option for many landlords. There are over 2 million students studying higher education in the UK and student loans can be used to pay for room and board, including both on and off-campus housing.
Many students in their first year are offered accommodation within the campus halls of residence, usually managed by their university. But by the second year, the chances are that they will need to rent a property in the private sector.
Student accommodation has become an important part of the UK’s property sector. The National Student Accommodation Survey of 2018 received over 2,000 responses from students living in student accommodation, giving us some insight into the realities of student accommodation in the UK.
Key Points from the Student Survey
- 50% of students rent from a private landlord.
- Students will travel an average of 20-30 minutes to university.
- Biggest landlord related issues are damp and no hot water or heating.
- 44% of students struggle to keep up with rent payments.
- 1 in 5 students will struggle to get their deposit back.
- 83% of students would like to see rents capped.
- 1 in 3 students feels that their accommodation is poor value for money.
Many students feel that landlords are unfairly overcharging on the rent whilst not maintaining the property as they should. Damp and lack of heating or hot water are amongst the largest complaints from students about their accommodation.
If you wish to accommodate students as a private landlord, your Local Authority will issue you with a set of guidelines that must be carried out.
Ashburnham Insurance is a specialist provider of Student Landlord Insurance which protects landlords from potential risks that are usually associated with renting out a property to students. CALL FREE ON 0800 1696137 to find out more.