Student rental market showing positive signs

In July 2014 the accommodation for students website issued a press release confirming that student letting was buoyant with over 70% of properties already let ahead of the new academic year starting in September. 61% of landlords expect to fill the remaining vacancies ahead of September.

This success is attributed to the improving quality for many properties with good safety measures in place such as [smoke[( and heat detectors as well as carbon monoxide alarms, often linked to building wide systems.

We should not be complacent as there are still a significant number of properties that fall below standard. Students can be vulnerable as it is often their first home away from mum and dad and, it is acknowledged, they do enjoy the occasional drink. Returning after a night on the town, feeling hungry, popping something under the grill then falling asleep is not unusual. Make sure that you and yours rent a safe property. Ideally one that has been checked.

The press release stated that 69% of respondents felt that students were better to let to as they make good tenants (84%), with better rental yields (77%) and an annual repeat market for new students (54%).

Some of the issues respondents faced were the cost of maintaining an HMO (house in multiple occupation) with over half (57.4%) reporting this as a an issue for them. High turnover was highlighted by 46.3% and damage to property by 41.2%. Despite this some 92% plan to carry on letting to students.

Over half of landlords (60%) reported that rents had been increased, although the majority (94.1%) said the increases were relatively small at between 1-10% across their portfolios.

If you have questions about fire risk assessment, or for help on any aspect of fire safety, call us on 01524 784356 today.

Commercial buildings, non-domestic and multi-occupancy premises in England and Wales are already forced to undertake a 'suitable and sufficient' fire risk assessment carried out under the Regulatory Reform (Fire Safety) Order 2005. While the overwhelming majority of premises do this, if the assessment is thought to have been carried out to an insufficient extent, the Responsible Person can face an unlimited fine or up to two years in prison.

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