New uni accommodation to change Newcastle's student rental market
A Newcastle real estate agent says the days of 'mum and dad' investors making easy money with cheap rental accommodation for university students may be over for good.
Chairman of the Hunter's Real Estate Institute Wayne Stewart says this year's opening of 800 new beds on the Callaghan campus has made a significant dent in the student rental market.
A Newcastle real estate agent says the days of investors making easy money with cheap rental accommodation for uni students may be over for good.
Mr Stewart said with work also starting now on the university's new inner-city campus, the former suburban rental model is changing.
"For a home that was simply converted into renting out to a student per room, I think the days of that are almost gone," he said.
"I think if mums and dads are looking at investing in student accommodation these days, they should look at providing quality accommodation that provides good services that meets the needs of the students."
Mr Stewart said it is about time the outdated model of 'cheap and nasty' student rental homes was overtaken by more purpose-built accommodation.
He said he is not sorry to see some of the old accommodation options go.
"I think you'll find that a lot of people who have put what I would consider dangerous accommodation, because I have seen some terrible accommodation out there in the marketplace," he said.
"If you have got sub-standard accommodation then you probably don't deserve to be called a landlord.
"And it is not the way we want to be promoted to either Australia's students or the world's students."
Source: ABC News, June 13th 2015
