Moving from University Halls to Private Halls
A new report has highlighted a growing trend for students to remain in their private halls of residence – or opt for similar properties – once they have graduated.
Student property investment specialists the Mistoria Group says there is a definite trend of young professionals opting to live in purpose-built student accommodation blocks, particularly in the north-west and London.
The firm’s managing director, Mish Liyanage, said that in cities like Manchester where rents for private rental properties are high, graduates are changing their options on where they live.
He added, “The demographic of our tenants is changing with many graduates opting to stay in our properties after they graduate. “They find the cost to set up on their own is too expensive and homes that have been earmarked for student lets are being tenanted by young professionals.”
Private halls of residence are ‘increasingly popular’
He added that graduates are finding the firm’s private halls of residence are becoming increasingly popular because they have all of the mod cons and the graduates don’t have to find hundreds, if not thousands of pounds, to pay the deposit and the first month of rent on a new home.
In addition, these young professionals have enjoyed life as a student where their monthly rental bill includes things like their fuel bills, TV and broadband.
This means that they can continue budgeting easily without having to worry about fluctuating bills on a monthly basis.
Mish says that more landlords will now be working to meet these increasing needs from young professionals and that because private student accommodation blocks tend to be in city centres these will continue to be popular.
This trend is a direct consequence from the huge amount of investment that has been put into creating private student halls around the country and in London alone there are more than 70 such purpose-built student accommodation halls.
Facilities in private student halls impress
Indeed, some of these in London come with dance studios and swimming pools as well as music studios.
The growth in developments has also led to a greater variety of rents being charged, a choice of locations and facilities.
These private halls for students are generally being built in safe locations, a big attraction for international students who want to enjoy life and explore London.
While many universities will guarantee a place in their own halls for the first year, though this is coming under threat as a firm offer, universities are also working with private providers to provide excellent accommodation for their growing student demands.
As with all potential accommodation, students should check carefully the rental agreement for a private halls of residence and ensure that its location suits their needs and that the promise facilities have been provided.
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