Unfortunately the idea of letting to students has become associated with some negative stereotyping in the past. However, the majority of the Landlords and Letting Agents who let to students not only find it financially rewarding, but also find that as a tenant group, students are conscientiouss, reliable and easy to form good relationships with.
Renting to Students
Benefits of renting to students
Demand for rental accommodation varies dependent on the market. However, students will always be constant and in need of private accommodation. There are more than 140,000 students studying at our Colleges alone in London and 60% of these live in private accommodation. Student numbers increase each year and in London, in particular, demand for student accommodation is high. Many private developers have entered the student letting market in recent years and student block are being built all over the capital. The fact that big business has moved into the student housing market demonstrates that students are now widely considered to be a desirable tenant group.
Unlike young professionals, students are often able to offer parental guarentors for their rent and students from University College London have the option of requesting their College to guarentee their rent. If a student doesn't pay their rent this gives you the option to pursue their parents (or sometimes College) for the amount outstanding.
Students are also eligible for different loans and grants to support them with their study and housing costs. As well as helping to pay the rent, this means they often have access to the required upfront payments required before moving into private accommodation. By contrast young professionals will often be working with short term contracts or doing temporary work and may not have much disposable income. If they lose their employment it is likely that they will have difficulty keeping up with their financial commitments.
Length of stay
Students generally will be in need of accommodation for at least the academic year whilst studying and are therefore unlikely to want to move out early. Most courses are three years and many of our Landlords reap the benefits of having a settled group of tenants who will renew each year until they graduate and often afterwards when they remain in London to find work. Students are able to predict much more accurately how long they will need to stay at a property.
Reliable and informed Tenants
Students as a group in general are intelligent and well organised. In March of every year, the ULHS conducts a series of Housing Talks at our different contributing Colleges advising students about how to look for accommodation and their rights and responsibilities as Tenants when they find their accommodation. The ULHS will assist students in finding and securing accommodation as well as offering continued support throughout the year should they have any questions or problems relating to private accommodation. University of London students are, therefore, likely to be well informed about their obligations as Tenants and realise the consequences of their actions.
What have Alexander Fleming, Mahatma Gandhi and John F Kennedy all got in common?
Answer: They were all at one stage students of the University of London. University of London students are the professionals of the future and have embarked on an academic career at one of the most prestigious Universities in the world. They are serious people living in London for a serious purpose.
When do students look for accommodation?
The busiest time of year for student lettings in London is between May-October, with the majority hoping to move into accommodation in September in time for the start of the academic year.
If students are not able to find something suitable at this time, they continue looking throughout the summer with the busiest period being August and September. The vast majority of students arrange their accommodation in August and September.
Although these are the busiest times, students are still looking for accommodation throughout the year but not in the same volumes. Occasionally people need to move during the academic year and some students do not have the normal term dates as the majority, e.g. a PHd or research student could start at any time of the year. In the off-peak periods, the majority are searching for rooms in shared houses or studio and one bedroom flats. Flats and houses for groups are not as popular at this time.