Students get extended discount on rents
Unite said this is the final discount
Unite Students, the owner, manager and developer of student accommodation, has announced an additional three-week extension to its 50% rent discount for students, originally announced on 11 January.
This takes the total discount period to 10 weeks, up to the end of the Government’s stay at home rule on 29 March last year.
The ten-week rental discount, announced yesterday, and four-week complimentary tenancy extension will be available to students not living in their accommodation between 18 January and 28 March 2021.
Unite provides accommodation in 27 cities, including Aberdeen, Edinburgh and Glasgow and said approximately 60% of checked-in students have now returned.
Subject to no further major changes in Government guidelines, this will be the group’s final rent discount relating to Covid-19.
Based on take-up of the rental discount to date and occupancy in its buildings, the total 10-week rental discount and tenancy extension is expected to result in a reduction in rental income of up to £10 million (Unite share), equivalent to 2.5 pence of EPRA EPS for the 2021 financial year.
This represents a lower impact than previously anticipated, despite the three-week extension to the discount, reflecting the high number of students now in occupation in its buildings.
Unite said it has collected 95% of rent due to date for the 2020/21 academic year. To be eligible for the rent discounts, students are required to be up to date with their rental payments.