Posts with tag: students

Best bill-splitting tips for students, provided by Glide

Published On: October 15, 2019 at 9:34 am

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Landlords, consider welcoming students into your properties with these handy tips for splitting bills.

It can be difficult adjusting to student life, with so many responsibilities thrown at you for the first time. Reaching out to your student tenants and building a good relationship with them will not only make for an easier year ahead but may also lead to securing tenants for the next few years as well.

Bill-splitting service provider Glide has shared its expertise on the best way to go about fairly paying household bills:

Utilise apps

Services such as Monzo and Uber offer bill-splitting functionalities. This means that everything from morning taxis to lectures to late-night McDonald’s can be split between multiple users at the touch of a button.

Compromise

Splitting costs down the middle may be a simple way of doing things, but somewhere down the line, someone is going to feel that this is an unfair system. Glide points out that, for example, if you have specific dietary requirements then you wouldn’t want to be contributing to a weekly shop when you may be unable to eat a substantial amount of it.

However, items such as toilet roll and certain condiments for the kitchen could be shared (at the very least, to save on space!). Consider agreeing on this from the offset, to make it easier in the coming months.

Take the stress out of monthly bills

Glide believes that a bill-splitting service, such as its own, can take the headache out of utilities management, ensuring that each housemate is sent a monthly bill directly.

Make the most of discounts

 Although not a tip for bill-splitting, tips for saving money are always appreciated! Some examples provided by Glide include:

  • Split the cost of a tastecard to use when going out to restaurants for group meals
  • An NUS Extra card can also save you money at all sorts of places across the UK and online

Highest Rental Yields to be had from University Cities

Published On: July 19, 2019 at 9:03 am

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It has been revealed that almost all of the UK’s top 20 best postcodes for buy-to-let rental yields are nearby a university campus.

This information comes from new research released by lettings platform Howsy. The statistics provided by PropertyData calculated 12 months’ rent divided by the average property price in each area. It then ranked these postcodes from the highest rental yields to the lowest for buy-to-let landlords.

It has been determined that 17 out of the top 20 on this list are within easy reach of a university campus.

Number one on the list was BD1 in Bradford, providing a key student accommodation investment for landlords. The city centre is a short walk from the University of Bradford and average house prices currently sit at £54,938. Average monthly rent prices are at £468, meaning landlords look to receive a yield of 10.2%.

Other areas on the list include SR1 in Sunderland, with a potential yield of 9.4%, and L7 in Liverpool (close to both the University of Liverpool and the Royal Liverpool University Hospital), with a potential yield of 9.3%.

Calum Brannan, Founder and CEO of Howsy, commented: “It’s no coincidence that the vast majority of postcodes with the highest rental yields are found within a stone’s throw of a university campus, and for a safe bet on your investment, these are the places to look when buying.

“While students aren’t always the ideal tenants, they bring consistent demand via an annual flow of new arrivals, the void periods are generally much shorter, and the supply-demand imbalance puts the landlord in control when choosing a tenant.

“As a result, these hot pockets of buy-to-let demand offer landlords an investment option that is almost certain to provide a healthy return despite slower market conditions and uncertain times in the buy-to-let market. Couple this with Howsy’s 24/7 customer service that seems to resonate well with student tenants and their nocturnal lifestyle and you’re onto a winner.”

Dispelling the Top Landlord Concerns when Letting to Students

Published On: April 16, 2019 at 9:01 am

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If you’re letting to students, you may be worried about whether they’re going to pay the rent on time and look after your property. However, we’re dispelling the top landlord concerns when letting to student tenants. 

Being a landlord can be one of the most satisfying careers, but it isn’t without its concerns. Whether you’re a new landlord or seasoned professional, the potential issues are likely to be the same – particularly with student tenants, who are living away from home for potentially the first time.

Broadband and utilities provider Glide has looked into the top concerns for landlords, to dispel the myths around letting to students:

Payment issues

It’s no secret that rent payments are a concern, especially for student tenants, who may not have had to deal with the responsibility of regular bills before. However, the stigma around students being irresponsible is outdated and not reflective of the current generation.

CPS Homes of Cardiff states: “Students make for reliable, almost guaranteed tenants each year, due to the academic cycle. You know that, if the current tenants are planning to leave at the end of their tenancy, a new group is just around the corner, ready and waiting to move in at the start of the next academic year. And, contrary to the beliefs of many, they are usually very prompt payers of rent, because they’re in receipt of a student loan that they receive termly.

“Having confirmation of this student loan is far stronger than an employment reference, because people are far more likely to quit/lose their job than drop out of university. If they ever do get into trouble with their rent payments, a parent or guardian will have usually agreed to act as a financial guarantor at the start of the tenancy. This means a landlord can approach said person and demand full payment of the balance owed.”

Dispelling the Top Landlord Concerns when Letting to Students

Property damage

A quick reaction to the thought of letting to students is raucous house parties that end in damage to the property. However, with higher fees than ever and the rising cost of living, students are drinking and partying less, which means that there is less chance of property damage.

Most students prefer to relax with their friends and socialise with a TV series instead. In fact, 82% of the students that Glide surveyed recently said that they would rather binge watch TV shows than go out. So, hopefully that’s reassurance in knowing that your property is less likely to get damaged than in previous years.

Noisy neighbours

Blaring music, shouting and screaming, and parties going on until the early hours are complaints that you don’t want to hear from neighbours who aren’t students and have to be up at the crack of dawn. 

This generation isn’t the rebellious youth of yesterday – there’s a decline in youth crime, as well as drinking. This generation is steering to have the best future possible and doesn’t want to be derailed by connection in actions involving the police. 

Finding the perfect tenants

Whether they are students or not, building relationships with your tenants is the key to success. Glide’s What Students Seek survey found that building and maintaining a good relationship with their landlord is one of the most important things when students look for a home.

If you make sure that you’re communicating with your tenants and are easy to reach, you’ll naturally build a good foundation for respect.

90% of Students Battle Housing Nightmares, Including Rats and No Water

Published On: March 21, 2019 at 11:13 am

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Rip-off student accommodation is leaving tenants battling housing nightmares, unaffordable rents and poor mental health, according to the 2019 National Student Accommodation Survey.

The research, conducted by advice site Save the Student, surveyed 2,196 students in January 2019. Their responses highlight a UK-wide scandal of overpriced and unsafe student housing, with 90% reporting a problem with their accommodation.

While fellow residents are a top cause of complaints, the vast majority are maintenance issues that leave student tenants without basic services or living in unsafe conditions – despite paying an average rent of £125 per week (£541 a month).

Portsmouth student Adele describes having to live in shocking conditions: “On move-in day, we found there was no door on the front of the property, then we had no heating for two months. We had a broken toilet, broken shower and rats/mice/fleas. An open drain in the back garden would regularly overflow, just filling the garden with sewage.

“Got to the point where we called in the local housing association – turns out we had no gas certificate, no fire door in the kitchen, and even the bannisters on the stairs were unsafe!”

Housing nightmares like these aren’t confined to cut-price accommodation – in fact, almost as many students report problems with university properties and commercial halls of residence as in private rental rooms and houses.

Kerry, a student in Bournemouth, comments: “Halls were a terrible experience. Building work almost constantly, rats, and a very irritating flatmate who was loud and disgusting and inappropriate.”

Save the Student’s findings are particularly relevant, as the Homes (Fitness for Human Habitation) Act 2018 came into force yesterday (20th March 2019). The new law gives students, as well as other private tenants, a way to take action against landlords who ignore their legal responsibilities.

The ten biggest housing nightmares for students

  1. Noisy housemates (45%)
  2. Damp (35%)
  3. Housemates stealing food (33%)
  4. Lack of water/heating (32%)
  5. Disruptive building work (20%)
  6. Inappropriate landlord visits (16%)
  7. Rodents and pests (16%)
  8. Dangerous conditions (5%)
  9. Burglary (5%)
  10. Bed bugs (3%)

Asking for help with housing issues is no guarantee that anything will be done, however. Although half (45%) of students said that problems were resolved within a week, one in five waited more than a month. A handful (4%) said that their housing nightmares were never resolved.

Lily studies in Newcastle: “Last year, I had no hot water for the entire year. I had to boil the kettle and fill up the sink that way to wash my face.”

The cost of student accommodation

The pressure to find decent housing is so high that one in three students start looking for next year’s accommodation in or before November – that’s just weeks after the beginning of the academic year.

This is brutal on finances, as students pay an average of £970 in upfront housing costs: deposit (£311), admin fees (£119) and a month’s rent in advance (£541). The stress on students and their parents/guardians is even greater, as the typical maintenance loan – money the Government awards for living costs – is just £541 per month.

Housing charity Shelter deems housing affordable when costs are no more than 35% of a renter’s income. However, with the average student rent eating up 100% of the typical maintenance loan, tenants are left with no money to cover their other housing or living expenses.

As a consequence, half of all students struggle to pay the rent, while two-thirds borrow from family, banks or other lenders to cope with housing costs.

Parents/guardians who earn enough are expected to contribute towards university living costs. However, this latest study uncovers the burden on family finances. Parents/guardians contribute an average of £44 per week (£2,288 a year) to help students pay their rent, but one in five give more than £100 a week (£5,200 per year).

Banks are the next most common source of borrowing, with 40% of students turning to overdrafts, loans or credit cards to find the extra cash.

Students are therefore under immense pressure to make ends meet, yet many are rewarded with housing that isn’t fit for purpose. The consequences include stories of damp and mould-related illnesses, plus distress caused by money worries.

Two-thirds (63%) of students said that housing costs have affected their mental health, while 37% said that they have had an impact on their studies.

Mark, in Sheffield, is only part way through his course: “I have suffered from severe depression and anxiety at university, and have undergone counselling and CBT [Cognitive behavioural therapy] because of it. 

“My parents help as much as they can, but it is hard for me to afford my rent and living expenses on minimum student loan when my parents are putting two other children through university. I had a part-time job, but that, plus studying, was too much and made my mental health worse.”

Most troubling of all, the National Accommodation Survey shows a clear link between money and wellbeing at university. The more rent prices exceed the financial support on offer, the more students suffer mental and financial stress.

Jake Butler, a Student Money Expert from Save the Student, states: “Too many people – including students – seem to believe that poor living conditions are just a part of student life. Our investigation confirms how students are being unfairly treated as if second-class citizens, expected to put up with dire conditions throughout their studies. 

“It’s even more outrageous considering the sums of money being handed over to landlords. Rent swallows up the entire maintenance loan for many students, piling on added stress of having to make ends meet while living in squalor.”

He adds: “Whilst the laws around renting are constantly improving, there needs to be a much easier way for students to report and resolve problems with their accommodation.”

Kelly-Anne Watson, the Delivery Officer for student housing charity Unipol, continues: “It’s imperative for ourselves, universities and students’ unions to be educating students on their rights, and to give well informed advice on housing. 

“We must work collectively as a sector to improve standards and make sure that there are a range of varied rents for students to choose from, so there are not further barriers into education.”

She urges: “We’d encourage providers to voluntarily join one of three national codes: UUK, ANUK and Unipol. Within a code, it is unacceptable for landlords to ignore reported issues, such as the third of students (from this survey) who report living with damp, or without hot water and heating.”

Landlords, if you provide student accommodation, ensure that your tenants aren’t living with housing nightmares!

Staying Up to Date with the New Generation of Student Tenants

Published On: January 23, 2019 at 10:07 am

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Believe it or not, the days of binge-drinking, untidy and carefree students are long gone. The new generation of student tenants has changed with the times, so it’s important for landlords to keep up to date with their needs.

Broadband and utilities provider Glide has put together a helpful guide based on research conducted through YouGov Profiles, which surveyed 1,460 students taking part in their first university degrees.

To help you stay up to date with the new generation of student tenants, read on:

The environment

Seven in ten students (70%) consider themselves environmentalists, compared to less than half (46%) of the general population.

The new generation of student tenants is working for a better future and wants to make a difference in the world, starting with their homes – almost three-quarters consider fitting solar panels on their properties.

You should show your tenants that you are also aiming to improve the environment through your property, such as installing energy saving light bulbs, which could also cut electricity bills for your tenants by as much as 90%.

Broadband and social media

Wifi and broadband are crucial to the new generation of student tenants, not only for their studies, but for their everyday lives as well.

Three in four (75%) admit that they would not be able to manage without the internet and they value super-fast broadband far more highly than non-students, with 82% saying that it’s important to them, compared with 67% of the general public.

They are using the internet as their main source of information, to connect via social media, and to download materials to their phones and laptops.

Savings

The new generation of student tenants is invested in its future and has plans for its savings.

A huge 97% of generation Z believe that they will own their own homes one day. Despite travel ambitions, they see settling down in their own place as a life goal.

With this in mind, they will look to save money anywhere they can to put towards their savings, meaning that they are more likely to look for somewhere to live with low rent in the short-term.

No more partying

Binge-drinking rates have dropped significantly over the last few years, with almost 30% of young people saying that they do not drink alcohol at all. Most young adults prefer to stay in socialising with a few close friends and a takeaway. So, for the new generation of student tenants, the days of wild parties are over.

That’s right: no drunken property damage, noise complaints and dodgy stains. Instead, students are much more house proud and cleaning is even becoming more of a trend.

These are some of the most important considerations that Glide has found for student tenants today. Therefore, it is essential for landlords to accommodate these as much as possible. In return, the new generation of student tenants looks to be excellent renters, who are both considerate and forward thinking.

Students are Overpaying for Accommodation in most University Cities

Published On: January 18, 2019 at 10:24 am

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Students are overpaying for their accommodation in most UK university cities, according to new data from Mojo, an online mortgage broker.

The study found that those in Exeter, Norwich and Newcastle are the worst affected.

This January, university students will be looking to secure their accommodation for the next academic year. For many students, it’s important that they find the perfect property, in a prime location, for a reasonable price.

However, students in some university cities could be forking out a lot more money for their accommodation, simply because they used a dedicated student letting agent.

Mojo compared the prices of rental homes listed on property portals, such as Rightmove, Zoopla and Prime Location, to those by specific student letting agencies.

Specifically, it looked at more than 30 four-bedroom, fully furnished houses in the most populated student areas of 19 UK cities. Generally, Mojo found that it was more expensive to use a student-specific service.

Students in Exeter fared the worst, overpaying by an average of £69 per person if they rented via a student letting agent. In close second and third places were Norwich and Newcastle, where students could be shelling out £62 and £59 more than they need to every month respectively.

Average cost per student, per month

Students are Overpaying for Accommodation in most University Cities

In total, Mojo found that rents were at least £10 greater on student letting agents’ websites than property portals in nine cities.

Houses on Rightmove in Bristol and Bournemouth, however, were actually £40 and £28 more expensive that on student letting agents’ websites respectively. Nevertheless, these two cities seem to be anomalies, with the majority of student letting agents charging higher rents than local estate agents using Rightmove.

The broker also found the most expensive areas to rent a student property in the UK.

Most expensive student areas

Unsurprisingly, London came out on top, with students in the capital paying £961 per month on average. Next in line was Durham, at £546 a month. Oxford and Exeter were close behind, at an average of £519 and £507 respectively.

Belfast boasts the cheapest student houses, at less than half the price of the top three – an average of £246 per month. Students in Wales can also take advantage of affordable rent, with the average monthly price in Cardiff sitting at £319, while Swansea’s is £324.

University or private halls?

Mojo compared the price of living in halls owned by the university, compared to those that are privately owned.

It found that most private halls of residence are more expensive than university-owned halls. In Reading, the average room in private accommodation will cost students £286 more on average than the university’s halls.

In fact, private accommodation costs up to three times more than university halls in eight other cities. However, in some locations, renting a room owned by the university will not be your cheapest option.

In Liverpool, Southampton and Cardiff, students can rent a room in private accommodation for an average of £100 less per week than university halls.

Top tips for student accommodation

Mojo has put together some top tips for students, following the results of its findings:

  1. Look for a property on a portal, as well as a student letting agent, to find the best deal possible.
  2. If you find a property that you like on an agent’s website, then double-check whether it’s listed on a portal, as you can sometimes find the same property for less.
  3. If you find your perfect property through a letting agent, take note of its features and run those through a portal’s search feature – you could find a cheaper property with the same specifications.
  4. If you want to stay in halls, make sure to compare the price of private and university accommodation, as the price varies greatly depending on what kind of room you’re looking for.