As they head to university for the start of the academic year, nearly eight in 10 students have rated the quality of their rented accommodation highly, challenging the outdated ‘Young Ones’ perception of low standard student ‘digs’.
Over three quarters (78%) of undergraduates responding to a survey carried out on behalf of Paragon Bank, the specialist buy-to-let lender, felt that the overall quality of their student lodgings was between ‘good’ and ‘excellent’.
Those taking part in the survey, carried out as part of Paragon’s ‘Student Buy-to-let Report 2022’, were asked to assess the privately rented home in which they live during their studies.
Its location satisfied the highest proportion of students - 84% rating it as ‘good to excellent’ - with bed and room sizes closely following, with 83% and 82% of students rating them between good and excellent, respectively.
Perhaps unsurprisingly given the current economic climate, affordable rent is the most important feature of rented accommodation, ranked as the number one priority for more than four in 10 (42%) undergraduates.
The next most important features of term-time accommodation are good Wi-Fi and proximity to their university site, both chosen by just over a quarter (27%) of students.
Other characteristics that students look for include room size, chosen by a quarter, inclusion of bills in rent, a consideration for 18%, and proximity to public transport links, which 15% of respondents feel is a desirable feature.
Richard Rowntree, Mortgages Managing Director for Paragon Bank said: “HESA data shows the UK student numbers have consistently grown since the 1990s and that privately rented homes have long been undergraduates’ preferred choice of accommodation.
“Student homes used to be associated with poor quality, but today’s undergraduates are demanding more, particularly as individual landlords are often competing against private institutional providers. Nearly eight in 10 students view the standard of their accommodation positively and landlords are taking extra steps to attract students, such as installing good quality furnishings, en-suites and strong Wi-Fi.”
Paragon also sought to find out students’ view of landlords. Over half (54%) responded positively in total, with 38% viewing landlords positively and 16% very positively.
Indifference was seen in just over one in five (21%) students, with survey respondents indicating that their view of landlords who let to students was neither positive nor negative.
Richard Rowntree added: “It is encouraging to see that students view landlords positively overall. The high levels of satisfaction in the homes provided by landlords letting to students will be a significant factor in this.”
For media enquiries contact:
Jordan Lott
Media Relations Manager
Tel: 0121 712 2319
www.paragonbank.co.uk
Notes to editors:
Paragon lends to private individuals and limited companies and has mortgages suitable for single, self-contained properties, as well as HMOs and multi-unit blocks. Paragon can accommodate higher aggregate lending limits and more complex letting arrangements including local authority leases and corporate leases along with standard ASTs.
Paragon introduced its first product aimed at the professional property investor in 1995 and is a member of UK Finance, the Intermediary Mortgage Lenders Association (IMLA), National Landlords Association (NLA) and the Association of Residential Letting Agents (ARLA).
Paragon Bank PLC a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £13 billion of assets under management and manages over 450,000 customer accounts.
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ.