There is no need to reinvent the wheel in most things in life. If you can look at what is booming and then do something similar, but better or differently, you can meet demand. This is the case for landlords, and it is helpful to look at the property developments that are gaining traction in the local area.
A planning application to convert a hotel to co-living accommodation is currently with the local council.
The development plans to convert the property on Church Walk and Broadway to 13 fully furnished en-suite units. There will be communal spaces on both floors of the property, and of course, the property is close to Stanley Park. With a more significant number of people looking to live close to green space, this is likely to be a popular spot.
It is believed that residents will come from the following groups:
- Peterborough University students
- Professionals working in the city on a short term basis
- People looking to save for a home
The plan is to collect all costs in a single monthly payment. One price covers monthly rent and cleaning, broadband and utility charges. When you consider the rising cost of energy bills, this is a service an increasing number of tenants are looking for.
A prepared statement from Barmach Ltd read; “This co-living proposal seeks to extend this new residential concept in Peterborough, following approval of a similar schemes at Fifth Avenue on Laxton Square, 61 Bridge Street, and Cross Street Court, offering diversification in the city’s rental accommodation offer. Co-living offers membership style accommodation and helps to counteract loneliness, provides autonomous style living for older demographics, recognises later entry to adulthood and helps provide for the comfort and social requirements of young professionals.”
There is growing demand for student accommodation again
According to information provided by UCAS and reviewed by UniHomes, the number of applications from 18-year-olds has reached the highest point in close to 10 years. There has been a 4% increase in the past year and a 14% rise on 2020’s figures.
Of course, the challenging nature of 2020 means observers should view this rise in the context of a time of so much uncertainty. However, there is no denying it is a positive thing to see so many youngsters looking to enter further education.
It is also positive news for landlords because student accommodation is the backbone of an excellent rental market.
Phil Greaves, Co-Founder and Director of UniHomes, says: “As we see student life going back to normal, it’s great to see the rise in applications for universities across the country and we are welcoming new students into our network of accommodation with open arms. As a business, we have seen our property enquiry numbers increase by over 150% year on year. The high number of first-year applications in the East Midlands and Northern-based academic institutions shows that the student rental market is set to continue its high demand for years to come.”
Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
The team at Just Lets Peterborough continue to operate remotely to ensure we can continue to serve you and your tenants throughout this covid period and beyond. Please contact us through our usual channels – email us at peterborough@justlets.com or call us today on 01733 346255.
