More flexibility to student rental agreement?

by Readers Question

10:00 AM, 30th October 2020
About 4 weeks ago

More flexibility to student rental agreement?

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More flexibility to student rental agreement?

With COVID-19 still in front of mind there is uncertainty over whether students will return to university or learn remotely from home after Christmas.

Students are now asking for more flexible lease arrangements with a 6 month option, for example, rather than running the full 12 months.

My question is how straightforward is it to change a pre-agreed lease to make it more attractive for students considering renewing?

Many thanks

Simon


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Comments

Alison King

22:51 PM, 30th October 2020
About 4 weeks ago

My students are nervous about the virus and all viewing was online. At their request I have given them three month fixed AST tenancies that will revert to rolling monthly tenancies after the three months and an assurance that they can't be asked to leave within the first six months. I'm fairly confident they'll stay but I also think there will be a new wave of students coming in the new year. It's a risk but I think it gives me a competitive advantage and my hope is that some will stay for three years and bring in their friends. I do have a full quota of students now although some don't arrive until next week.
I don't understand the question about the pre-agreed lease. If all parties agree to a change due to changed circumstances that's fine.

David

10:51 AM, 31st October 2020
About 4 weeks ago

I cant imagine that landlords could put up with such uncertainty for very long. If I were still letting to students I would be considering other options now - family lets, short lets, selling up...

If the other student landlords I know start doing the same then the College won't be able to operate since all the student accommodation is PRS. This is the problem with one sided solutions such as those proposed by the student representative bodies.

Alison King

12:01 PM, 31st October 2020
About 4 weeks ago

Reply to the comment left by David at 31/10/2020 - 10:51
I don't think anyone in any situation can put up with this Covid situation for long. I'm working on the basis that things will start getting back to some kind of normality within the next 18 months and meanwhile I just have to hang on in there and weather the storm. I think I've been one of the lucky ones so far. My property business gas been far less badly hit than my other business.

Simon Runton

14:07 PM, 3rd November 2020
About 3 weeks ago

Reply to the comment left by Alison King at 31/10/2020 - 12:01
Thanks Alison. I'd prefer to see a more flexible approach to keep things relevant and realistic under the 'new normal'. It seems some are moving toward such an approach at different speeds but tenants needs are changing while the uncertainty in the market continues.


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