More than three-fifths of university students in the UK say securing a rental property tops the list as the most stressful part of their university experience, new research by SPCE has revealed.
The research found that 61% of current university students find securing a rental property one of the most stressful parts of their entire uni experience, trumping their anxieties over job hunting, studying and the end-of-year exam period. Delving into the reasons why, 66% of students cited poor communication from landlords and estate agents as a major issue. What’s more, 70% of current uni-goers also felt that rental accommodation for students is often in a poor, run-down condition.
Revealing a community of student tenants dissatisfied with the current rental market, SPCE’s research also unveils the perception of landlords when it comes to letting their property out to uni students. It found that 70% of UK landlords would not let their property to a student because they do not trust them and did not want to risk their property being damaged.
When asked if they would want a system that provided ratings to tenants and landlords based on previous tenancies – 77% of students and 84% of landlords said they would.
Leon Ifayemi, CEO of SPCE, commented: “Today’s research provides valuable insight into a key section of the property market. Evidently, students and landlords are dissatisfied by the current state of student lettings, underpinned by a lack of trust and communication between both sides.
“It’s interesting to see many landlords refusing to let their properties to students, perceiving them as bad tenants. This couldn’t be further from the truth – with parents acting as guarantors, there’s a very low risk of students not being able to pay rent on time or provide compensation for damages. What’s more, students are also not deserving of lazy stereotypes of them as reckless party animals; they are far more conscientious than that.”
SPCE launches to mend broken student-landlord relationship
In November 2017, SPCE launched its student lettings app to address critical issues faced by university students and landlords in the rental market. The student lettings app, which raised £280,000 on Seedrs earlier this year, makes it quick and easy for university-goers to find a room or entire property to rent, while also improving transparency and communication between a student renter and their landlord.
Experian will be working with the app to help students develop a credit rating while at university, placing them in a stronger financial position once they graduate. Meanwhile, AIESEC – the globally renowned international student exchange programme operating in more than 100 countries – has selected SPCE as its chosen partner for overseas students to find a rental property in their new place of study.
SPCE arrives on the market with 50,000 rooms available for rent and 15,000 students pre-registering to download the app. Moreover, the proptech firm already has agreements with six major UK universities and has a presence in the country’s leading higher education regions, including: London, Newcastle, Manchester, Birmingham, Leeds, Oxford and Cambridge, plus many more.
(Source: SPCE)
