We recently wrote about the number of Purpose-Built Student Accommodation (PBSA) developments being built in Cardiff. Whether it’s in a year or in five years, the cost of living in a PBSA room eventually won’t be too different to the cost of living in a traditional house-share room, meaning students will have a choice to make. Currently, cost is forcing their hand, but it won’t be that way forever. It’s therefore important that landlords have their eye on the ball and keep their properties in line with current market standards.
PBSA aside, the standard of student properties has improved rapidly over recent years, and we’re regularly letting rooms for £350-£370 per month. Those achieving less than the average £320 rent typically require upgrades in some way, shape or form - even if it’s something very minor - so it’s well worth us conducting an assessment of the flat or house if you’re not achieving this average rent figure. We’ll then feed back to you with considered improvement advice.
As crazy as it sounds, students will start to look for 2018-2019’s accommodation as early as November (less than a month away!), so now is the time to assess what work, if any, you’re going to do prior to them occupying in order to secure the highest possible monthly rent. Current trends amongst new student lets include;