There will be 24% fewer students heading to London this term – costing the student rental sector £65m a month according letting and estate agent Benham and Reeves.
As it stands just 22% of student-specific rental properties in London have been snapped up.
However the ratio is higher in some areas, including Merton (80%), Bromley (75%), Bexley (61%), Barking and Dagenham (60%), Hounslow (53%), Harrow (53%) and Redbridge (50%).
In more expensive markets such as Hammersmith and Fulham, Islington and Camden, student rental demand is sitting at 19% to 25%.
Marc von Grundherr, director of Benham and Reeves, said: “There is currently an evident decline in the level of rental demand from students than we might otherwise expect at this time of year.
“This has, of course, been driven by a lower number of international students looking for properties due to the travel restrictions and other hurdles that the current pandemic has presented.
“However, while predictions of student rental market losses are rather eye-watering, to say the least, we don’t believe this will be an issue that plagues the market for long.
“Many current students are beginning their studies in a virtual capacity until such time they can make a move to London, and once they do, we should see a further influx of demand for suitable student lets.”
This post has originally been featured in Property Wire.