Student landlords have seen record increases in rental prices of over 20% in some cases, according to Newcastle-based property experts, Walton Robinson.
The student lettings and property management company has increased their landlord’s income for 2022/23 by a higher margin than ever before against the previous year.
Lettings Manager, Kyle Dickson, said: “When we started marketing properties for 2022/23, we’d already seen a 70% increase on student enquiries, compared with the last academic year.
“With more students attending Newcastle’s universities this year, the increase in demand has had a knock on effect on sales prices, particularly for homes of multiple occupancy, and subsequently the rental prices for student accommodation.”
Rental increases have been shown to be higher on managed properties, where an agency can have more influence on the condition of the property and any refurbishment works.
One of Walton Robinson’s managed properties in Mowbray Street, Heaton, saw a rental increase of 21%, whilst another in Heaton Grove saw a rise of 20%.
The agency has seen similar figures on stock in other areas, and are expecting to see continuing rental increases into the next letting season.
General Manager, Amy Gibson, said: “A key factor to a landlord achieving a higher rental income is ensuring that properties are consistently kept to a high standard.
“At Walton Robinson we work very closely with landlords to ensure that this is happening and can offer a number of services assisting with the process from start to finish.
“The increased demand of supply shows that now is the time to make these improvements in order to drive the rents upwards.’’
Walton Robinson specialise in residential lettings for students, professionals and families in and around the Newcastle area, and those wanting to invest, buy, sell or develop property anywhere in the North East.
The Lettings and Estate Agent provides landlord property management services in Newcastle upon Tyne and surrounding areas, including let only, full property management and facilities management services.
For more information, or if you would like to discuss renting or investing with us, call 0191 243 1000, or visit: https://www.waltonrobinson.com/