In the current climate of economic fluctuation in the UK, landlords are continually seeking stable and reliable tenants to occupy their properties. Amidst this backdrop, an intriguing perspective has been offered by Hannah Chappatte, the dynamic chief executive of Hybr, a platform dedicated to serving the student rental market. Chappatte advocates for a fresh look at student tenants, suggesting they might just be the steadfast occupants that landlords need.
Understanding the Resilience of Student Tenants
According to Chappatte, students present a unique kind of stability in the rental market. This is rooted in the nature of their funding; most students in the UK finance their education through student loans, which are generally secure regardless of economic downturns. This contrasts with employed renters, whose ability to pay rent can be directly impacted by job security and market forces. As students are not as exposed to the vicissitudes of the workplace, their rent payments might be considered more secure.
Shifting Landlord Perceptions
There’s a common stereotype that pervades the mindset of many landlords when it comes to renting to students—visions of increased wear and tear, or even unruly behavior, may come to mind. However, Chappatte challenges this notion by highlighting the diversity among student tenants. She points out that not all students are the same; for example, a third-year medical student or an engineering post-graduate may be viewed as more desirable tenants.
The Hybr Advantage
Hybr, which Chappatte founded after her own experiences with subpar student accommodation, operates as a digital bridge connecting students with landlords and developers. This platform aims to mitigate the traditional hurdles that students face when seeking rental properties, such as being asked for a year’s rent upfront or being overlooked on major property portals.
On platforms like Rightmove, student applications are often lost in a sea of inquiries, which is where Hybr steps in. With Hybr, property listings are placed well in advance, ensuring that vacancies are filled promptly and void periods are minimized. Moreover, in the rare case that a student fails to pay, Hybr offers to cover the rent, providing landlords with a safety net.
A Tailored Approach to Student Accommodation
Chappatte emphasizes the importance of providing a range of housing options for students—from the basic and affordable to the more upscale and sophisticated. This caters to the various preferences and financial capacities of the student population, ensuring that there is a suitable home for every student.
A Beneficial Proposition for Landlords
For landlords, using Hybr can be financially advantageous. With a service fee ranging from 30-35% of one month’s rent, landlords can benefit from the platform’s management services and potentially avoid the increasing costs associated with being a landlord. Chappatte also stresses the importance of optimizing occupancy rates, particularly as landlords consider the rising expenses and ponder exiting the rental market.