Cullen Property reports 10 fold increase in student enquiries amid city-wide property shortage
Students resorting to B&B’s and securing smaller professional lets
Edinburgh residential property lettings, investment and HMO specialist, Cullen Property, reports they are currently receiving over 50 student enquiries per available property they market, despite the return to university in September.
Whilst Edinburgh student property demand usually peaks over the summer months, due to a city-wide property shortage and huge demand, some students have been forced to reduce their desired larger group sizes and settle for one and two bed properties, usually let to professionals. Furthermore, some international students have even been staying in B & B’s with their belongings in storage whilst they search the market.
Steve Coyle, Managing Director, said, “Our property managers are currently fielding enquiries on a daily basis, at ten times that we would expect, from desperate students who are still looking for accommodation, well after the academic year has started. Whilst Covid has caused some universities to stagger their return dates and delayed some people’s travel, we’re still amazed at the huge numbers of enquiries for every property we have available. Many students have sadly been caught out, leaving their search too late to secure their dream home.”
“We’ve seen a knock-on effect in that larger student groups who might ordinarily have searched for an HMO property are now forced into securing one and two bed properties, usually taken by professionals. Some students have even resorted to desperate measures; travelling huge distances from other cities, or attempting to outbid others on the rental advertised, which is not something we engage with.”
“Our student tenants tell us they much prefer a typical older and larger, central Edinburgh property with high ceilings and big windows to a bespoke student property, but we simply don’t have the available stock to meet the huge demand, which isn’t abating despite being mid-November.”
Cullen Property is one of Edinburgh’s leading property management and letting agents, currently managing a large portfolio, including over 200 HMO properties. Cullen Property’s current property stock available to rent is less than 1% of its managed portfolio. The Cullen Property team specialises in both professional and HMO property lettings in Edinburgh, including property investment sourcing, acquisition and refurbishment in prime city centre locations.