A Look Inside Luxury Flats Overseas Students Are Spending £600 Million To Rent
Student housing has a pretty bad reputation and it’s no wonder why…
Freezing cold, grimy as fuck, damp-ridden, all with a lot of bat shit crazy/useless landlords in tow – not exactly an attractive proposition at £4/500 quid a month.
But some super rich ie. mega spoilt students are snapping up luxury rental properties across London every year – without fail. They’re renting out places that most families would spend their lifetime trying to afford.
London is increasingly in the spotlight for its unaffordable housing and the market which is essentially pushing pretty much anyone out who doesn’t have a six-figure annual salary.
But overseas students seem to be getting in on the high-end accommodation action. According to estate agents EJ Harris shows that over 107,000 international students studying in London contribute a staggering £600 million in rental income.
The wealthiest Chinese, Russian and Malaysian students are spending around £72,000 a year on properties in the most sought-after postcodes in the capital. Nice for some, ay?
Just to put that into perspective, that’s nearly triple the average British wage of £26,500 per year.
The richest overseas students spend a huge £5,000 per week on luxury flats that have bedrooms bigger than the average London flat.
Despite the incredibly high price bracket, EJ Harris says that whenever a flat becomes available there are up to 500 enquiries from students from around the world wanting to secure the let.
Those who prefer to be a bit more ‘humble’ can also snap up standard two-bed apartments in Notting Hill, South Kensington, Shepherds Bush or Bayswater for £5/600 per week. Bargain… or not.
London has been in the spotlight recently for its outrageous housing market, which seems to be pushing out anyone who doesn’t have a six-figure salary and its easy to see why at these prices.
So what makes these properties so expensive to rent? Well they look pretty modern and sleek, but it’s easy to see it’s all about location, location location.
In all honesty, they’re pretty decent but would I pay £6,000 a month on one of these if I was minted? Of course not.
I’d bag myself a castle in Scotland for that!