Posts with tag: student rental property

Students Most Likely to Lose Tenancy Deposits

Students Most Likely to Lose Tenancy Deposits

Students Most Likely to Lose Tenancy Deposits

Students are some of the most likely tenants to lose part of their deposits at the end of their tenancy, due to leaving the property in an inadequate condition, according to new research.

A study by the Deposit Protection Service (DPS) reveals that less than one in three students, or 27.5%, receive 90% or more of their deposit back at the end of their tenancies, compared to over 57% of tenants as a whole.

The most common reason for deductions to a tenancy deposit among students was cleaning at 32%, followed by repairs at 27%, redecoration at 20% and the replacement of lost or damaged items at 19%.

The DPS has 12 tips for students to hopefully help them receive their full deposit back when they leave their rental homes.

Managing Director of the DPS, Julian Foster, says: “Students must be aware of their responsibilities as tenants and act accordingly throughout their tenancy, or risk losing money when they move out.

“As well as asking their landlord to confirm where their deposit is protected, taking simple steps such as checking household inventories and communicating regularly with landlords can help ensure that deposits are returned in full.

“Deposit protection means both landlords and tenants can have peace of mind that the money is safe, and that there is a free, impartial adjudication service if the tenancy ends in a dispute.”1

As the academic term begins, the DPS has created a video aimed at students, offering advice on how to avoid losing their deposits. View it here: https://www.youtube.com/watch?v=NivXVALXTfk

1 http://www.propertyindustryeye.com/students-warned-over-losing-rental-deposits/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Belfast is Most Affordable City for Students

Published On: July 27, 2015 at 10:53 am

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Categories: Landlord News

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Belfast has been named the most affordable city in the UK for students to live and work in, according to the NatWest Student Living Index 2015. London came tenth in the study.

Belfast is Most Affordable City for Students

Belfast is Most Affordable City for Students

NatWest surveyed around 2,500 students to determine what they spend their money on. The research focused on four main areas: everyday essentials, socialising, sport and fitness, and hobbies and interests.

The study also found that students in Southampton earn the most term-time income and work the longest number of hours.

Despite Portsmouth being the most cost-effective place to socialise, students in Newcastle spend the most time socialising.

Dundee was in the top five cities where students spend the most on the following categories: groceries, netball and films. Students in Glasgow spend the most on fashion, alcohol and cigarettes.

Cardiff was the only Welsh city included in the survey and students here spend the most on hockey.

The top five most affordable student cities

  1. Belfast – Students in Belfast spend the least amount on rent, just £46 per week compared to £112 in Oxford. Their groceries cost £16 per week, compared with around £30 in Dundee.
  2. Southampton – Students in Southampton spend the most time working part-time jobs during term time, at seven hours per week. They study for just under 27 hours a week. In Southampton, students spend the least amount of time socialising, just ten hours per week.
  3. Nottingham – Nottingham has the lowest weekly phone bill, at £4.83 a week. However, students in Nottingham spend £5.93 on football every week, behind just York and Liverpool.
  4. Edinburgh – Edinburgh is fifth for students earning the most in term-time, at £42.96. Students in Edinburgh spend around 32 hours per week studying.
  1. Manchester – Students in Manchester spend one of the smallest amounts on sport and fitness, but have the third highest term-time earnings of £45.97 a week. They also pay one of the lowest weekly rents, at £71.33.

 

 

Landlords and Agents Should Take Care Over Student Inventories

Published On: July 17, 2015 at 10:51 am

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Categories: Landlord News

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Landlords and Agents Should Take Care Over Student Inventories

Landlords and Agents Should Take Care Over Student Inventories

Student tenants could lose thousands of pounds due to items in an inventory going missing at the end of a tenancy.

The Association of Independent Inventory Clerks (AIIC) warns that landlords and letting agents should take extra care over accurate and detailed inventories in the next couple of months, as student check ins and check outs are at their highest.

Recent research from removal firm Kiwi Movers revealed that 52% of tenants experienced difficulties over the return of deposits when leaving a property.

The study also found that the most common reason for lost deposits is when items are missing from the inventory, accounting for a fifth of cases. Following this, other factors include minor repairs, cleaning and unpaid bills.

Pat Barber, Chair of the AIIC, says: “Tenants should be issued with a copy of the inventory at the beginning of the tenancy and I urge them all to double check all the items listed at that time and to ensure that all items remain in the property, in good condition, when moving out.

“If there is something missing it can often be cheaper for the tenant to replace it rather than for the landlord or agent to do so.

“For letting agents and landlords, it is important to go through the inventory fairly and thoroughly when undertaking the check out process.

“If both sides of the rental transaction hold up their side of the bargain, the amount of deposit disputes can be kept to a minimum this summer.”1

1 https://www.lettingagenttoday.co.uk/breaking-news/2015/7/agents-advised-to-be-alert-over-student-inventories

 

 

 

 

 

 

 

 

Is it Time to Invest in Student Property?

Is it Time to Invest in Student Property?

Is it Time to Invest in Student Property?

Higher education in the UK is thriving, with university applications at a record high this year. As a consequence, demand for student property is spiralling. Could you become a student landlord?

Studying in UK universities is more appealing than ever, despite higher tuition fees. The number of accepted applications has reached a peak and international students are pouring into British universities.

At present, the UK accepts more foreign students than any other country in the world. They contribute a huge £10 billion to our economy every year. Therefore, there are huge opportunities for strong investments that will prosper for many years to come.

If you haven’t considered student property before, property investment firm Aspen Woolf’s new infographic could help you realise how successful this could be. Take a look here: http://www.aspenwoolf.co.uk/student-property-investment-infographic/.

Join the other landlords investing £2 billion into student property and see yields that are 5-6% higher than average buy-to-lets.