Currently, student renting works differently to the rest of the private rented sector (PRS). Students who live away from home may live in halls of residence, purpose-built student accommodation, or off-street student rental properties. An off-street rental property usually describes (in this case) a residential property that is being used to house students. Students who live in halls or PBSA sign a fixed term tenancy agreement, for up to 12 months.
Most students living in private rented accommodation sign-up to a fixed term tenancy agreement (FTTA) with their housemates for 12 months, often from July to July. This sign-up process happens anywhere from autumn to spring, depending on the university town. However, the process is starting earlier each year due to increasing student concern over the lack of affordable, quality or even available housing stock. The disadvantage of this system is that students are locked-in to a 12-month tenancy, often that they have signed months before the moved in, with no way to be released from this tenancy. They are also expected to move out at the end of the 12 months, unless they can sign up for the next, full, 12-month tenancy.
The advantages of FTTAs for students are:
- They know where they will live for the next academic year, often well in advance.
- They have a secure tenancy for 12 months, knowing that the tenancy is very unlikely to be ended ahead of this date.
