8:44 AM, 17th August 2023, About A year ago 3
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Students looking for accommodation for the upcoming academic year are facing an increasingly tough situation, one rent guarantor firm warns.
Housing Hand says there has been a 50% surge in rental guarantor applications over the last six months – and the student housing struggle could last for two years.
Also, the supply of student accommodation in popular university cities such as Glasgow, Bristol, Durham and Manchester is already proving to be very ‘challenging’.
Now, the firm says that students need to be quick to find somewhere to live – and if they do find somewhere they like, sign up quickly.
The firm’s head of sales and business development, James Maguire, said: “The influx of students into the private rented sector is always a challenge in terms of meeting demand and this year will be even more so, given the lower number of landlords in the market.
“That’s why students will need to be flexible in terms of their expectations.
“Looking at total cost will allow them to budget accordingly.”
He added: “Purpose-built student accommodation still proves good value in the current cost-of-living climate, as all bills are included, as well as other add-ons such as fitness centres, secure bicycle storage and so on.”
Housing Hand also warns that students in areas with high accommodation demand are having to rethink their housing expectations.
The firm says they might need to settle for smaller living spaces than they had hoped for – while others might end up renting bigger properties than necessary due to limited options.
Also, some students need to accept that they will be facing longer commutes to their lectures when they do find somewhere to live.
Students should also check where their lectures are being held – if they are off campus, then they should focus their housing search on nearby areas.
However, they should always aim to live where they will enjoy social interaction during their studies.
Mr Maguire said: “With rent reforms now not due until after this current period of student admissions is complete, the impact will be felt in full next year, when the supply challenge will be even more acute.
“Students facing two years of difficulty finding their accommodation may find early renewal essential.
“It’s also important not to rely on cancellations to get a property.”
But things won’t get easier for the housing search with research revealing that 46% of students will live in private accommodation during the next academic year.
That is 6% higher than last year.
It is this robust demand that will see lots of students struggle to find a home where they want to live.
Indeed, Housing Hand is predicting there will be a student housing shortage for the next two years because of falling rental supply and increasing tenant demand.
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LordOf TheManor
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Sign Up12:25 PM, 17th August 2023, About A year ago
Not everyone can afford to go to university now.
With student rents so high, it's becoming increasingly difficult for parents to meet the affordability criteria to be their child's guarantor. I had to turn down two NHS students earlier this year because between them, both sets of parents didn't have sufficient income to fill that role. Another student's parents made the affordability level with just £5 to spare.
With student rents so high, I'm not sure that the extra £46-£62pcm for Housing Hand's fee will be of help to many.
In Bristol, there's no guarantee you'll get to pick the area where you'd like to live - or live in Bristol at all! Cheltenham has now been added as a student overspill location, likely because Newport, Gwent is already filled to capacity.
Paul
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Sign Up18:42 PM, 17th August 2023, About A year ago
I think I have just been very lucky of just chatting to my tenants and never taking references I’ve only perhaps once or twice had a missed payment for perhaps one month. I’m winchester / Southampton based. Someone who has the ability to pay does not mean they will. It’s down ( in my opinion ) the character of the person renting. Had one in Dorchester a few years ago, she lost her job and called me immediately. I said, don’t worry about the rent, sort your job and we can deal with it then. Three days later she called back to say she’s now got two jobs and the rent is safe.
Judith Wordsworth
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Sign Up9:59 AM, 20th August 2023, About A year ago
Didn’t think any letting agent did not take guarantors re student let’s.
Any landlord renting to students directly who don’t must be, in my humble opinion, be crazy