University Accommodation Landlords Set To Miss Out
An insurer claims there is a distinct possibility that landlords could be set to lose at least £3 million next university term, as 60 per cent of uni students are considering moving out of their university accommodation because the cost of living catastrophe is biting hard, citing findings taken from the company’s research.
Students are stating that landlords need to provide more help with 76 per cent saying they should reduce rents so they can afford extending their university accommodation tenancy agreements.
However students are not content with that one measure to extend their tenancy as they are also calling for landlords to include all-inclusive bills in their agreement, discounts when providing referrals, minimal or no deposits, energy efficiency and easier terms to end their tenancy.
Escalating costs are increasingly worrying for students with bills and other expenses. Top of the list of growing concerns is of course utility bills which is higher than food costs.
The insurer held a survey with 1,000 UK students with 66 per cent saying their biggest cost was for electricity, gas and water, whereas 40 per cent said it was for their weekly food shop.
Respondents also said that travelling costs and the internet are far more important in their budgetary decisions rather than signing up with streaming services like Amazon Prime and Netflix; other costs are far higher in their priorities such as TV licences – 18 per cent, parking permits – 17 per cent – and tenants’ insurance – 10 per cent.
The manager for the household team at the insurer, said: “Landlords can reassure tenants amidst the financial uncertainty by making sure their tenants know where the financial responsibility lies, and that they (landlords) have adequate insurance, as well as inform students what happens if there is an emergency. This will alleviate any concerns around related unexpected costs that might arise during a tenancy so students can budget accordingly.
“And in case of the worst, we recommend landlords review their policies and consider cover for all eventualities including rent guarantee, unoccupied periods (such as during change of tenancy and half terms), and legal expenses should disputes arise.”
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