Despite drop in demand, the student renters' market is recovering well
Due to Coronavirus implications, the demand of international students within the London rental market has dropped by about a quarter this summer. However, the student renters are not completely lost with the market showing signs of resilience as we head into the new Autumn term, claims LiFE Residential, as universities start the new academic year with the ‘blended learning’ approach.
LiFE Residential has put together a guide for landlords, detailing the top 10 London universities’ plans for the next academic year and closely examining the trends within student renters market. To access the guide, click here.
“The demand from international students has been impacted, and is about a quarter down in the month of August compared to the same period last year,” says Daniel de Abreu, Area Director for LiFE Residential, which has closely examined the student renters’ market ahead of the start of the new academic year in September.
Meanwhile, "the behaviour of domestic students seemingly hasn't been impacted that much in the summer months," says De Abreu, as "domestic students are enjoying a more tenant-friendly market with less competition and lower rents."
Most UK universities, including the top 10 London institutions, will be taking the ‘blended learning’ approach, allowing only some students to come back to auditoriums once they open their doors for 2020/2021 academic year to comply with guidelines to protect students and staff. Students are being told to expect big changes to how the universities usually operate.
The UK Home Office has made some changes to the Tier 4 Student Visa to accommodate ‘blended learning’. Distanced learning is not usually permitted to Tier 4 students, however for the entirety of the 2020/21 academic year, Tier 4 university sponsors will be permitted to sponsor their international students on study visas for ‘blended learning’ (as long as the institution intends to eventually transition back to full face-to-face learning). With many universities also offering remote study options for the first term only, De Abreu predicts that international student demand for London property will return in Q4.