How COVID-19 impact college rental property?

Written by Posted On Monday, 18 May 2020 02:52
Apartments Apartments https://pixabay.com/photos/apartments-architecture-balconies-1845884/

Covid-19 had impacted on every part of the world and the student housing are no exempt from this. As the coronavirus started spreading in March, colleges and unversities around the world ask students to vacate their residence halls immediately as they suspend all in-person classes and moved to online classes for the rest of the spring semester. With students moving out of their residence halls and properties, it had negative impact on the landowners of these places. Students who have returned home are worried about paying for an accomodation they are no longer using. Because in some places, students had to keep paying their rent even though they are not living in their accomodation. For example, in the UK, while some were able to cancel their rents, some still have to keep paying. According to Unipol, which is a student housing charity in the UK, about 60 universities in England have agreed to waive rent in university owned accomodation. Much of the private owned firms are also able to allow students to stop paying. But, in Boston, landlords and tenants are worried about their housing situation as this pandemic keeps making things worse. Over the last couple of years, Boston have followed the 9/1 to 8/31 fixed term leasing cycle. But, this pandemic makes this housing situation more complicated as most college students found their apartments for September 1st 2020, way before this pandemic happened. Many students across Boston's educational area already have leases in place with various forms and stages of deposits collected. But, if classes were to go virually until 2021 January, there could be significant changes in unbundling these lease paperwork. Landlords and tenants have to work together to figure out their new ways of leases. Martin Blakey of Unipol in UK said that it should be fair for both landlords and tenants to share the pain together and that no one party or anyone should feel all the loss. As the virus keep spreading, it would be harder for everyone to go back to normal life. We all have to work together and share the pain that we lost during this pandemic.

 

 

 

Citations: 

https://www.bbc.com/news/education-52221001

https://bostonpads.com/impact-of-coronavirus-on-the-student-off-campus-housing-market/

https://www.studenthousingbusiness.com/the-coronavirus-outbreak-a-guide-to-the-impact-on-student-housing/

Rate this item
(0 votes)
Paing Soe Se Thu

I am an intern for Berkshire Hathaway Homeservices, Rocky Mountain Realtors.

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries