The Norwich students/HMO market has seen been in decline for a number of years now and this years has been even more difficult than ever for both landlords and letting agents. The falling students numbers has really affected landlords and the UEA Norwich adversely.
Now the impact is spreading wider than initially though with a nine days walk out by the staffs of the University and College Union (UCU) at the university of East Anglia UEA in Norwich.
The vice chancellor of UEA Norwich , Professor David Maguire has revealed his fears for the higher education sector back in August last year warning there soon may not be enough students to keep universities financially sustainable.
This coupled with the new labour government confirming that it will not reverse the rule banning International Students from bringing their families to UEA Norwich means we should all expect students' numbers to fall drastically.
All these fears and the policy changes are now biting all parties involved in the University and Housing sector.
This calls for a change of strategy for all Norwich landlords and those who plan to continue renting to Norwich students but still has his property empty.
Here at Melanie Estates, we have been very innovative in our approach to the changing Norwich market dynamics.
UEA students warned about more UCU strike action - BBC News
Here are steps that student landlords can take to mitigate the impact of today's falling students numbers on your bottom line:
1)Raise the quality of your accommodation.
With the falling Norwich students number, it means the students will have a lot of properties to choose from, so why not entice them to choose yours by making sure your properties is the best of all the Norwich properties on the market? Decent sized rooms with en-suite has always been popular with students. Properties in close proximity or easy access to the UEA Norwich will always be popular.
Melanie Estates can assist you changes or any refurbishment works necessary to bring up the standard of your property and make it more appealing. We have local trusted contractors ready carry out these works a reasonable prices.
2) Price to entice.
Setting the rental of your Norwich properties at a realistic level will make your property more appealing than that of Norwich landlords who ask for exorbitant rents. Make sure that you leverage on the experience of a local agent who is in touch with the market on a daily basis, taking and negotiating offers from students on properties like yours on daily basis. This will help you set your rent at the sweet spot for your property.
3) Leave no stone un-turned with your marketing.
If your Norwich property is still empty for the 2025/26 academic year, you should start considering alternative options to ensure your property does not remain empty. Top of your priority should be to make sure that your Norwich property has the best presentation and that you are marketing to International Students even before they arrive in Norwich, on a platform that they are familiar with in their home country as they are likely not to be looking on most UK platforms. Here at Melanie Estates, we will list your property on the WeChat platform attracting majority of the Asian students.
4. Offer an experience to remember.
You can offer an awesome experience by making your accommodation move-in-ready for Norwich students by ensuring it's fully furnished with all essentials, have facilities that will allow students to sign the tenancy agreement electronically. If possible, add a break out area where students can switch off and relax.
5. Explore other markets.
With the falling number of Norwich students, have you considered if your property will be suitable for professional sharers as they pay rent similar to that of students? With the rising number of workers moving to Norwich, these category of tenants could close the gap on falling students numbers.
Also, if your property is 3 or 4 bedroom, you can convert it back into a family accommodation. With the rising rent and families staying longer in rented properties when compared to Norwich students, you could offer your Norwich property to families at a slightly reduced rent but still achieve roughly the same net rent in the long run. You should also consider supported living accommodation providers. These agencies work with the local government council or NHS providing accommodation for variety of people and they range from asylum seekers, young adults 18+ in need of accommodation or the elderly 65 + for health or mobility challenges. With these category of lettings you won't not just have a long term secured income from your investment but you will also be making an great social impact in the society by providing your accommodations to those who need it the most.
🔥 Don’t Miss Out!
To find out more about our services or discuss how Melanie Estate can assist with your Norwich HMO/ students properties, book a free 15 minutes slot with our Senior Property Manager, Abbie Matthews (CeLAP)
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