The Times: Lack of Supply is Key for Empiric

Prior to the commencement of this academic year, Empiric Student Property had stated its hopes to raise rents by around 5%. In fact, bosses have now confirmed that like-for-like rental growth actually came in at 10.5%. 

Despite this double-digit rent increase, demand for Empiric accommodation has not lowered, and their halls of residence are 99% full this academic year.

Chief Executive of Empiric, Duncan Garrood, attributed the rent increase to 'the increasing quality of our portfolio, customer service proposition and the power of our operating platform'. 

The imbalance between supply and demand in student accommodation has been profitable for student landlords. StuRents data predicted that by 2026, the UK will be facing a shortage of 600,000 beds. Garrood expects the supply-demand squeeze to continue for the foreseeable future, which should allow Empiric to raise its rents by at least another 5% for the next academic year. 

Read the full article on The Times.