Forget those ideas that even posh students live in digs or shared houses - prime central London agency Napier Watt has declared the start of the international student letting season with a claim that some pay a remarkable £12,000 per month.
“Enquiries from overseas students keen to rent an apartment for the new academic year are starting to come in. As the current wave of students come to the end of their tenancies, those who have rented before know it makes sense to take over a tenancy during the summer” according to Jonathan Adams, director of Napier Watt.
“These students are prepared to pay £6,000 to £8,000 per month for a nice two-bed flat in Mayfair, Marylebone or Belgravia, rising to £12,000 per month in Knightsbridge” he says.
Despite such stellar returns, some landlords are wary of letting to students, says Adams.
But he says they should not be reluctant.
“Students often get an unfair press for being rowdy and excessive partying but there are many real and distinct advantages of letting to them. Firstly, on the whole they tend not to be badly behaved. Secondly, in central London they tend to be overseas students, and will typically pay their rent half yearly in advance and occasionally, annually in advance. They often pay a deposit equal to eight weeks’ rent on top” he suggests.
This gives the landlord great cash flow and additional security, while the tenants are locked in to their contracts for the year.