Student apartments fully booked for next year

Leading student accommodation provider Vita Student has announced that all 156 studio apartments available at its Portland House residence on Longbrook Street have already been reserved ahead of the 2014/2015 academic year.

There are around 19,000 students in Exeter, the vast majority of which haven’t got access to university-provided accommodation meaning there is a serious supply-and-demand issue in the city. Student schemes such as Vita Student at Portland House help to alleviate the strain on residential housing as they allow private-rented properties to be released back into the main stream sector.

All the residents set to move into Portland House in September study at Exeter University, with 30% coming from the UK while the rest are from overseas – predominantly South East Asia and Europe.

Laura Wood, Student Lettings Manager from Vita Student Management, said: “The Vita Student accommodation is the perfect environment for students to live and learn in, and the rate at which Portland House has been booked is proof of the level of requirement there is in Exeter. Achieving full occupancy so early on in the first year of operation is a fantastic achievement and we’re confident that this will be the case year-after-year.

“We really looking forward to the residency being completed in September and welcoming all the new tenants from overseas and the UK.”

The situation in Exeter is a strong example of the supply-and-demand problem that is facing nearly all the main university cities in the UK, with around 19,000 students in the city the vast majority of which haven’t got access to university-provided accommodation. As well as providing students with better living quarters the PBSA residences are also proving to be a strong investment vehicle for buyers looking for a hands-off BTL investment.

The demand for the apartments at Portland House is obviously beneficial for investors savvy enough to have recognised the opportunity presented by the sector. The buyers who purchased an apartment at Portland House in Exeter will now enjoy minimum rental returns of 7% per annum which demonstrates how strong PBSA apartments are as investment vehicles for buyers looking for a hands-off BTL investment.

With Exeter University named as The Sunday Times’ University of the Year in 2012 student numbers in the city have been steadily increasing, attracted by the academic reputation of the university and dynamic city-centre culture. It is this growing population that prompted Vita Student to choose the city as a location for a development.

The development is on-track to be completed in time for the upcoming academic year. Once finished it will boast 156 studio apartments as well as a large communal student ‘hub’ which includes relaxation, study and social areas. Alongside this, students will also benefit from 24-hour onsite security, key fob entry, secure bike storage and a dedicated mobile app that aids social interaction between residents, as well as providing another line of communication with Vita Student Management. The app, a first in the UK student market, also features a live feed to the laundry facility so students know when their washing is ready.