Student tenants pushed into financial hardship as loans barely cover rents
Many student tenants are struggling to get by, with their monthly loans barely covering rents.
The average student loan payment comes in at £602 a month, but with the average student rent standing at £565.89 a month, this leaves almost nothing for food, transport, toiletries, books and, in some cases, bills.
Findings from this year’s National Student Accommodation Survey show students are paying on average £301 in deposits for a property and £208 in letting agent fees, and that one in five students have struggled to get their deposits back.
The poll of more than 2,000 students highlighted other issues, with 16% complaining agent fees weren’t made clear and another 14% concerned about inappropriate landlord visits.
The research also found that student finance is failing to keep up with the costs of renting and housing.
The analysis is by money advice website Save the Student, which warns that rising rents risks pushing people into financial hardship and too much reliance on their overdraft.
Jake Butler, student money expert from Save the Student, said: “The fact that the maintenance loan barely covers students’ rent is shocking. Students are forced to get a job at the expense of their studies or rely on their parents who may struggle to support them.
“It’s quite clear that the sheer cost of just having a roof over their heads is putting a huge strain on students across the country, exacerbating mental health issues and the temptation to drop out of university.
“Forget about tuition fees and high interest rates – now that the Government are finally reviewing the student finance system, a fairer maintenance loan should be at the top of their agenda.”
This article first appeared in Property Industry Eye in March 2018
At Mistoria Estate Agents we strive to remain competitive whilst at the same time offering value for money for our student tenants.
The average student rent in a Mistoria property is just £406.34 per month, compared to the national average of £565.89 a month (as stated above). Our deposit is £200.00 per person and agent fees £125.00 per person, both of which are clearly stated on our website and online application form – in fact you are unable to submit your online application unless you tick to confirm you understand the fees and that they are non-refundable.
If you are student in Liverpool and wish to rent a student property that is affordable whilst still offering comfort and security, within a sensible distance to the main university campus building, speak to Mistoria Estate Agents, your local student housing Liverpool specialist. Call 0161 707 6106 or visit our website www.mistoriaestateagents.co.uk/liverpool/.