Student landlords face losing out on £3.2 million in rent

The cost-of-living crisis is hitting students so hard that landlords could miss out on £3.2 million as they consider moving out, research reveals.

The findings from insurance firm Adrian Flux highlight that 60% of students are thinking of moving out of their accommodation because they are struggling financially.

In the study of 1,000 students, 66% said that paying for water, gas and electricity were their biggest cost considerations compared with 40% who claimed it was paying for the weekly food shop.

76% want a rent reduction

The research shows that students want their landlord to act – with 76% wanting a rent reduction to help them cope better.

Students also say that landlords should offer:

• A tenancy to be all-inclusive of bills
• Low or no deposits
• Discounts provided based on referrals
• Greater flexibility with ending the tenancy
• Ensure properties are energy efficient.

When questioned about their financial priorities, paying for the utilities, commuting and internet access ranked higher than having a Netflix or Amazon Prime account.

Why students chose their accommodation

The survey also highlights why students chose their accommodation with 63% saying it was close to their university campus.

And 51% said their student property was close to amenities including shops, restaurants and a gym.

The survey found that 44% cited property security, 25% price and 23% said the property’s private space with no sharing was a big attraction.

However, just 6% mentioned energy efficiency as a reason for renting their student home.

‘Landlords can reassure tenants’

Chelsea Shakespeare, a manager in the household team at Adrian Flux said: “Landlords can reassure tenants amidst the financial uncertainty by making sure their tenants know where the financial responsibility lies, and that they (landlords) have adequate insurance, as well as informing students what happens if there is an emergency.

“This will alleviate any concerns around related unexpected costs that might arise during a tenancy so students can budget accordingly.

“And in case of the worst, we recommend landlords review their policies and consider cover for all eventualities including rent guarantee, unoccupied periods and legal expenses should disputes arise.”