Cardiff Student Lettings Market Update – March 2021
With universities continuing to hold lectures online and question marks remaining over the start of the new term in September, we've had a lot of landlords ask us what the student market is looking like in Cardiff at the moment, so here's what we know...
THE HEADLINES
- Campuses won't re-open until just after Easter at the earliest...
- ...yet there's a growing number of students in Cardiff right now
- We've rented to just as many tenants this year as last; all via video
- £400pcm (exc bills) was the average rent early on, then £370
- We're having an extremely busy March, where average rent = £350
Students to stay away until after Easter... but not everyone has listened
Apart from for a select few courses, universities have held all lectures online since Christmas and students won't be allowed back on campus until just after Easter at the earliest. Welsh Government's advice to students continues to be 'stay away', but not everyone has listened...
Despite the advice coming out of The Senedd, we've noticed a growing number of students occupying our properties and around the city in general, which suggests to us that they were keen to get from under their parents' feet (or vice-versa!) after such a long time at home.
We've had a hugely successful 'student lettings season' thus far
What we call the 'primary' period of our student lettings season, which is late November through to late February, was a big success for us. Despite all the red tape and uncertainty, we've housed just as many students this year as we did last, and we continue to be extremely busy.
£400 per room was our early average
Our average rent per bedroom during November and December was £400 per month (excluding bills), dropping to £370 in January and February. This is indicative of the higher quality, more expensive properties renting when demand is at its highest during the early part of the season, but it also shows that students are prepared to pay more for quality. Renting a house is always cheaper than living in a halls of residence, so they clearly have the budgets; it's just up to landlords to provide the product.
...and it's not over yet: we've beaten last March already!
We're not even halfway through the month and we've already let more properties than in the whole of March last year; housing more than 400 students in the process. If there were groups being cautious about entering into a tenancy for next year because of uncertainty about the start of the 2021/2022 term, then they seem to have come of the woodwork with vaccine levels and roadmaps prompting public confidence. We're very confident that the new term will start with a near-normality.
Our average rent so far this month has been £350 per bedroom. We expect that – and the current level of demand – to continue for several more weeks at least, so if you're yet to find a group for next year, it's time to act!
Groups are preferring houses to flats
We've noticed that groups are far more likely to rent a house over a flat, even if the quality isn't as good. The feedback we get is they want space and 'their first house'. We often hear that "a flat can feel a bit like being in halls", which is difficult to argue with!
Videos remain 'king'
Our walkthrough videos continue to get rave reviews; so much so that we haven't had to do a physical viewing yet this year! Take a look at what prospective tenants are viewing before they choose to rent with us...
Need tenants? Give us a try! Get in touch with Rhys on 02920 668585 or email rhys.owen@cpshomes.co.uk. We can help you find the perfect tenants, as well as offer our professional letting services.
