While evidence suggests that energy costs may begin to ease during the summer, inflation is still around 10%. We’re expecting financial belts to be tight for the remainder of 2023.
What can you do as a landlord of student properties to help your tenants that doesn’t involve freezing or cutting rent?
Information pack with useful money saving details
It may seem like teaching your grandmother to suck eggs. However, most students are often living away from home for the first time ever. They may not understand all the things they can do to help themselves:
- How to reduce maintenance through proper use of heating
- Effective use of ventilation in rooms/areas prone to damp
- Dealing with mould and condensation
- The importance of reporting faults as soon as possible to save you money, and them trouble
Open communication
Being approachable and open is always recommended. During a time when students are even more likely to struggle financially, that relationship is essential. They need to know they can come to you with their financial issues early and will be welcome to discuss their options.
It may be advisable to talk to them regularly, explain your financial issues too and that you understand theirs. If they understand that they aren’t the first student tenants you have had who experienced money troubles, communication will be easier.
Now is the time for an energy efficiency drive
It’s a good time to refresh yourself with the new EPC regulations coming in over the next few years. Students aren’t just eco-conscious; they have financial reasons to look for energy saving measures too.
If you’ve been putting off new insulation, upgrading to a smart meter, or replacing any other old and outdated systems, now is the right time. Even if the price of electricity drops in the summer, students are going to feel the inflation pinch for some time.
Such improvements don’t need to be expensive. They can be as simple as draught excluders.
Consider bills inclusive
If the worst happens and there is another spike in energy costs, students will feel the pinch – and the anxiety – of this the most. A bills inclusive contract for the next financial year may be a great selling point for you and will ease some of that burden.
If the cost of energy drops (as expected) rather than rises, students will have factored in the higher cost to their budgeting. If it rises, the risk of students dropping out of university altogether reduces.
As the cost-of-living crisis continues, the student accommodation market will become more competitive. It’s now prime season for next year’s students to start looking for places to live for the next academic year.