Student life is stressful and what seems to be something exciting like moving to a new flat can make things worse. According to new research, 61% of the current population of students believe that renting accommodation is one of the most worrying parts of their university experience.
There are plenty of reasons why student accommodation causes distress to the young adults, but 66% of them agree that poor student and landlord relationship due to lack of communication is the major problem. The study also found that the 70% of the students say that the places for renting are often in poor and rundown.
The research shows that the weak relationship does not work both ways since seven out of 10 landlords do not want students to rent their properties. They believe these young ones cannot be trusted when it comes to taking care of the place.
Perhaps due to these feelings that 77% of students and almost 85% of landlords are supportive of creating a system where they could provide ratings to each other.
Numbers do not lie, and this particular study shows that both students and landlords are not happy with the present state of lettings for students. What is even more disappointing is that this frustration is reinforced by the lack of communication and trust between both sides.
These young people have several other worries about their lives, including studying, exams at the end of the year, and job hunting. With student accommodation as one of the things that make them anxious, it is much harder for them to find the right property that allows them to relax and take their minds off their other concerns.
The goal of the study is to repair the broken relationship between the landlord and the students. According to the CEO of the lettings app that conducted the research, it is interesting that landlords do not want the students to stay in their properties. Their notion that they are bad tenants is surprising, especially with their parents serving as guarantors.
It shows that there is a low risk regarding concerns about these students not being able to pay rent promptly. In case of damages, having their parents as guarantors assures that they can give compensation if some issues occur.
Students are also stereotyped as lazy and irresponsible persons who just want to party. However, they do not deserve such label because the young people today are hardworking and conscientious, especially with their studies.
With the results of the study, it may be one of the first steps that can help improve communication and transparency among students and landlords.
Solving the Problem
It is highly encouraged that landlords consider how vital it is to nurture excellent communication with their tenants, including the students. Ensuring proper interaction with the tenants can help create a stronger relationship and will also be useful if disputes arise.
Additionally, tenants will possibly protect the property because they are satisfied with it. They will also stick around for a more extended period, which helps avoid void times. It does work both ways when the students and their landlords have a good rapport with one another.
It is high time for landlords to trust students. While it cannot be denied some younger people are challenging to deal with, this problem can be avoided by carefully screening the tenants.
Most of the university-goers today are considered responsible. They will not cause damage to the property and are willing to follow the rules the landlord has set for them.
The student accommodation market is perceived to offer excellent yields for owners who want to earn a good return on their capital. With 70% of landlords reluctant to accept students to the property, they are missing out on gaining valuable earnings. What’s more, they have guarantors who mitigate the risk of student tenants with issues, such as late payments.
Moreover, accepting the students almost guarantees that there is occupation and income for the landlord, mainly because student accommodation is in high demand in popular university cities and towns all over the UK.
In reality, purpose-built accommodation for students is considered one of the most profitable sectors in the property market. In the United Kingdom, it is estimated to be worth about £46 billion.
This particular sector is also drawing in vast numbers of students from other countries, along with overseas investors. Even though the value of the pound has fallen, these people are still able to make significant revenues as they invest in the student property market in the UK.
What Students and Landlords Can Do About Their Misgivings
This new research that involved more than 2,000 adults in the UK has indeed revealed the most critical perceptions of the landlords and students regarding the current state of the university student rental market.
Perhaps one of the most significant solutions that landlords can offer is to stop discrimination against students. Since six out of 10 students in the survey said that securing property for rent has become more stressful than their exams or job hunting, it can denote that they have a problem with landlords rejecting their tenancy applications.
It is true that letting to students is not fitting for all landlords and properties. However, it is a market area that landlords should not ignore, especially those who are buying property for letting. In fact, many landlords and owners have found it quite surprising that student renting does offer very high rental yields.
What is even more unexpected is that they are least likely to experience arrears, particularly when compared to other groups of tenants, such as couples, families, or professionals.
However, what needs to be addressed first is the lack of communication, which can lead to rental problems, including failing to report issues on repair and maintenance and inability to deal with requests that eventually result to severe property damage.
All these things could have been avoided if there is better communication between the landlords and the student tenants. It will also help if the landlords visit more often, which will allow them to know the condition of the property and the students as well.