The demand for student accommodation in many UK University cities is growing, but a recent survey by student letting app SPCE has found that 7 out of 10 landlords will not rent to students. This is because landlords do not trust them and believe that students will damage their properties.
Leon Ifayemi the chief executive of SPCE said this perception was false:
“With parents acting as guarantors, there’s a very low risk of students not being able to pay rent on time or provide compensation for damages. What’s more, students are also not deserving of lazy stereotypes of them as reckless party animals. They are far more conscientious than that.”
The National Landlords Association (NLA) has found that only 17% of its members are willing to let to students. This surprises the NLA chief executive Richard Lambert who says that rental yields from student houses are higher and students are less likely to be in rent arrears.
Landlords that do let property to students are generally favourable about them. Landlord Angelos Sanders is a typical student landlord and said:
“In most cases, I have always had a very good relationship with the students I rent out to.”
He said that as long as landlords communicated well with students and treated them like responsible adults, most cause no problems.
Commercial mortgages are available for landlords to purchase property or construct purpose built accommodation for students. Bridging loans are also available to convert large houses for sharing by several students.