The industry of student letting has a different place in the economy. It is a very fruitful way of earning money for the landlords based in the United Kingdom. Since the country is the home of many prestigious Universities of the world, the students come from all corners of the world to study under their prestigious tags. Student letting if done right, can be very much effective for the landlords as well as the students, but if it is done wrong, then it can result in an expensive deal for both the parties.
Student letting as a part of the UK’s economy
To complete their courses under the Universities, students have to stay away from their homes for quite a lot of time. Before, the concept of student letting was very small and only could be seen in the towns near to the Universities, but now, with the impetus in the need for higher education the student letting market of the UK has seen a boom in the last twenty to thirty years. The market has grown about 50% which comprises students belonging in the age group of eighteen to thirty. The UK saw this boom with the emergence as the small or cottage industry of the landlords who let out to students. The parents are relieved at this. They rent out by investing in a single investment property which their son or daughter will be keeping until the completion of their degree. This in way assures them with the fact that, even after leaving home, their offspring can thrive in a decent lifestyle. The investment is extremely fruitful for the students which give them the idea as to how to live on own can develop a sense of responsibility in them.
The information acquired from the Office for National Statistics showed that in the last twenty years, the demand for the higher education rose to 45%. By 2013, the student count increased to 3million. The growth is seen due to high demand in the undergraduate students. This has not only inspired the domestic students, but the trend has also attracted students from around the globe. The percentage of the foreign students in the United Kingdom is expected to rise and hit the benchmark of 15. Following are the estimates as to how many students are occupying the city in which condition.
259,000 students live with their parents at home
459,000 students occupy the halls of residence
680,000 students live in the houses with multiple occupations
Off late, the trend of letting the place to stay provided by the private owners or landlords has been falling. This is because the houses with multiple occupation and hall of residence are giving beds and rooms at a very low price than compared to the prices offered by the landlords. The rising number of the halls and houses is also a major factor in the decreasing popularity of the student letting. The rentals of the students have also seen a considerable increase in the past twenty years, and in this scenario, the houses and halls are quite economical for the students to save a substantial sum of currency.