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Empiric Student Property Reports a Decline in Reservations

Posted by Richard Ward

Image courtesy of Flickr, Creative Commons

Empiric Student Property has revealed that reservations for 2021-22 stand at just 40%, compared to 54% during the same period in 2019.

Whilst bookings are lower than they have been in pre-pandemic times, the company is reporting a rise in reservations, which is expected to speed up as the Government lifts lockdown restrictions.

Commenting on the figures, Duncan Garrood, chief executive of Empiric, said: "We are encouraged that bookings for the 2021/22 academic year continue to gradually accelerate, although with bookings to date at 40% we remain behind pre-Covid-19 cycles."

"The successful vaccination programme, the ongoing lifting of restrictions and the encouraging recent UCAS applications for the 2021/22 academic year, leave us cautiously optimistic about a return to more usual occupancy levels, albeit with sales expected to be significantly back ended for the forthcoming academic year. Furthermore, we remain confident that our strongly differentiated premium accommodation for students and Hello Student brand proposition and offer provide us with a compelling competitive advantage, especially in a Covid-19 affected world."

For the 2020-21 cycle and after adjusting for support provided to students since January this year, revenue occupancy stands at 65%, whilst physical occupancy is approximately 67% of operational rooms.