So far, for the 2022/23 academic year, Student landlords have seen record increases in rental prices of over 20% in some cases, according to Newcastle-based property experts, Walton Robinson.
The student lettings and property management company has increased their landlord’s income for 2022/23 by a higher margin than ever before against the previous year.
Lettings Manager, Kyle Dickson, said: “Properties for the 2021 to 2022 academic year were in extremely high demand and we are already seeing a similar trend rolling into the 2022 to 2023 season. When we started marketing properties for 2022/23, we’d already seen a 70% increase on student enquiries, compared with the last academic year.
“With more students attending Newcastle’s universities this year, the increase in demand has had a knock on effect on sales prices, particularly for homes of multiple occupancy, and subsequently the rental prices for student accommodation.”
Rental increases have been shown to be higher on managed properties, where an agency can have more influence on the condition of the property and any refurbishment works.
One of Walton Robinson’s managed properties in Mowbray Street, Heaton, saw a rental increase of 21%, whilst another in Heaton Grove saw a rise of 20%.
The agency has seen similar figures on stock in other areas, and are expecting to see continuing rental increases into the next letting season. Walton Robinson have let 76% more properties than by the same point last year.
The Newcastle-based Lettings and Estate Agent listed their properties mid-October and have seen a record amount of enquiries coming in.
So far this season, Walton Robinson has seen a massive increase in the demand for student housing, with more properties let in the first week, than in the same week for the previous four years.
With more students attending Newcastle’s universities this year, the agency has also seen significant average significant rental increases at of almost 5% on average, and subsequent with a knock on increases in sales prices, particularly for homes of multiple occupancy.
General Manager, Amy Gibson, said: “A key factor to a landlord achieving a higher rental income is ensuring that properties are consistently kept to a high standard.
“At Walton Robinson we work very closely with landlords to ensure that this is happening and can offer a number of services assisting with the process from start to finish.
“The increased demand of supply shows that now is the time to make these improvements in order to drive the rents upwards.’’
Walton Robinson specialise in residential lettings for students, professionals and families in and around the Newcastle area, and those wanting to invest, buy, sell or develop property anywhere in the North East.
The Lettings and Estate Agent provides landlord property management services in Newcastle upon Tyne and surrounding areas, including let only, full property management and facilities management services.
For more information, or if you would like to discuss renting or investing with us, call 0191 243 1000, or visit our Percy Street office.