Prestigious property magazine Property Week scrapped an award for the Best Provider of Student Accommodation after the panel of judges refused to select a winner. This was the first year the magazine decided to hold such an award ceremony. The nominees – all institutional – were condemned by the panel of students. It is a blow to these providers of student accommodation.
The Criticisms
The panel examined a number of properties provided by institutions (halls and accommodation blocks built for universities – not private providers). The criticised the organisers for high cost, for providing accommodation that was inadequate or simply the wrong type, and the general opinion that shareholders came before students.
In a lengthy letter, the panel declared that: “Unfortunately, none of the entrants could demonstrate that they are meeting the urgent need of students to live in accommodation that will not force them into poverty… Students are not seeking luxury getaways or cinemas in our living rooms. We are not satisfied knowing our student debt is lining the pockets of millionaire shareholders.”
Student Accommodation Awards Respond
Property Week respected the decision of the student panel in refusing to allocate and award and said that the categories will be reconsidered for next year. Amongst the new proposed categories, they will include an award for “Best Provider of Affordable Student Accommodation”. With increasing tuition fees and the cost of living, students are seeking affordability above most things – but looking for reasonable charges based on area average, and naturally the best bargain they can possible get for their rent.
It is hoped that this decision, and the publicity it generated on behalf of students, will help property owners in all areas (university accommodation and private landlords) to raise their game for students now demanding more than a reasonable standard of living for the high rental costs.
Is This Your Chance to Take Advantage?
As a private landlord of student tenants, you might think that this decision does not affect you. It doesn’t directly, but you are indirectly competing with the aggressive expansion of university-provided accommodation as they seek to appeal to second and third year students.
Until now, you’ve probably felt that you couldn’t compete with the luxury on offer from the brand new builds. Some traditional providers have expressed concern that they will be driven out of business eventually. But there are a number of things that you can do to make your student property more attractive for the next academic year.
Students expect cheap and cheerful, so anything on top of this is a bonus – push any unique selling points you may have over the brand new builds. Focus on value for money. Price is a major contributing factor to most students, but it is not all. They will factor in the cost of additional extras. Affordability almost guarantees you will fill your accommodation for the next year, but you will need other selling points too.