Real Estate Marketing & Beyond
New research carried out among over 2,000 UK adults by SPCE has revealed the perceptions of both students and landlords towards the current university student rental market in the U.K., and the findings reveal a huge amount of disillusionment on both sides of the fence.
SPCE is a startup that offers a student lettings application that's designed to address critical issues faced by university students and landlords in the rental market. The app intends to make 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.
In its survey, SPCE identified some big problems with the UK's student rental market:
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.”
