The effects of an increasing shortage of rental property are now having an impact which is being felt up and down the country. The issues are widespread across various sectors and property types, but the issue is particularly acute in the student market. In addition to the general shortage of rental property due to landlords leaving the market – as with all sectors – the student market has also been hit by a perfect storm of factors. A change in the way A Levels have been graded, coupled with an increase in students due to deferrals during the pandemic, have left the market particularly underserved.
In a recent example, University students have queued on the street overnight to secure a home for next year in Durham: one of the UK’s most popular cities for higher education.
A recent news report by the BBC, shows thathundreds of students lined up outside lettings agency offices in the city after accommodation lists were released in a process known locally as ‘the drop’. The BBC report says queues started to form at lettings agency offices at 7.30pm on the evening before the release of the accommodation.
Many students were forced to blind bid on properties – effectively accepting the property without viewing.
This issue has been repeated up and down the country, with major university cities heavily reliant on the PRS to provide accommodation – such as Glasgow and Edinburgh among others – being particularly badly hit.
Are you a student landlord or a student looking for accommodation? If so, we would like to hear from you, send us an email about your experiences to contact@lifeboatlettings.com
