Students – study the tenancy deal as well as the subject
It’s been a difficult couple of years for students but, unfortunately, student woes aren’t over yet. New and returning students should be aware of a trend in rents that could put a big dent in their finances.
Many students agree to all-inclusive tenancies. They’re simple. They make budgeting straightforward and there’s no need to sign up for accounts with lots of different providers. It’s no wonder those living away from the family home for the first time enjoy their convenience.
But typical all-inclusive rents are rising sharply. We’ve seen rents up by a minimum of £30 per month already, and figures being quoted for this September’s new lettings are in the range of £80 to £100 extra each month.
You can’t avoid the current news about rising prices. It’s happening across all categories: house prices, transport, food and clothing, and it’s particularly alarming with energy costs. As energy is almost always part of an all-inclusive rental deal, landlords are seeking to cover their quickly rising costs.
At the same time, student numbers are increasing again. People are returning to cities, increasing the demand for accommodation. You don’t need to be studying economics to understand why rents are rising.
Our advice to students looking for accommodation:
- Start early and shop around.
- Study the tenancy.
- With an all-inclusive rent, be clear on what you’re paying, the rental term, and what is and isn’t included in the rent.
- If taking on a tenancy where the utility and power costs become your responsibility, watch out for those bills – they could be a lot higher than you might expect.
