Everything you should know as a student for managing accommodation finances

Some landlords or companies may request a deposit to gain financial security when booking student accommodation. This will cover unpaid rent and any damage, streamlining potential candidates to find more responsible tenants. 

As a student, you may be required to pay a deposit as you book student accommodation. This may include:

·        Holding deposits: a refundable payment made to reserve a room in student accommodation, taking it “off the market” for 15 days. Great for securing a highly sought-after room type, such as ensuites and one-bedroom apartments.

·        Tenancy deposits: may vary depending on the student accommodation type, condition, and location. Known as a security deposit, this will be equal to one month’s rent and will need to be paid upfront before moving in.

Mansion Student manages several student accommodations across the UK which do not require a deposit for student tenants.

One of the most popular student cities in the UK; we provide properties in and around Leeds. With its fantastic location, our Leeds student accommodation has modern facilities and is within walking distance to some of the best things to do in Leeds.

Arrange a viewing at one of our Leeds properties.

Rent payment plans for student accommodation can vary widely, but they generally fall into three categories:

·        Single payment: a tenant would pay the entire year's rent upfront in one large sum.

·        Three payments: typically due at the start of each term: September, January, and April.

·        Monthly direct debit (over 10 months): helps spread the financial load evenly throughout the year, simplifying budgeting.

To help with student accommodation payments, there are several financial supports available, including student finance. Applications for student finance should be submitted well before moving into student accommodation, especially as a maintenance loan will help cover a large percentage of the living costs. The maintenance loan is paid directly into your bank account at the start of each term.

Our top budgeting tips for students include:

·        Check for free things

·        Maximise student discounts

·        Create a budget planner

The landlord or letting agency of student accommodation has the right to request prospective students to supply a guarantor, including their contact details and terms for the agreement. Students, such as first-time renters, international students and those with a low or irregular income, may benefit from having a guarantor when booking student accommodation.

Before agreeing, prospective guarantors should consider certain factors, as once they have signed the agreement, they are a part of a legally binding contract. It is important to maintain strong communication with the tenant, assess whether they can afford the rent in case of an emergency, and if this agreement may affect their credit score.

Deciding whether to use a guarantor depends on several factors, including personal financial stability, rental history, and meeting the landlord’s requirements. At Mansion Student, we require a guarantor for both a three-payment and a monthly direct debit plan, all outlined in the tenancy agreement. If you do not have a UK-based guarantor, alternatives are available, including private services (Housing Hand) or a university guarantor service, depending on the university (such as Nottingham University and Dundee University).

Contact the Mansion Student team today for more information on our student properties.

Studies have found that the maintenance loan is almost entirely used for rent after applying for student finance. This does not leave enough savings to cover other expenses, such as bills, university resources, and social events.

Choosing private student accommodation, such as shared housing or private halls, can offer more flexibility and potentially lower costs. However, other financial challenges must be considered. One of the most significant issues is the varying rent costs. Depending on the location and type of private accommodation, rents can vary widely. Students often find that private rents in popular university cities are high, especially for properties close to the campus.

Other student financial issues to consider include:

·        If there are utility bills to manage as well as the rent

·        If you are in shared housing and share responsibility for the finances

·        If your student finance has not arrived on time

·        If your student finance and maintenance loan is not as much as you were expecting

Since 2007, Mansion Student has sourced, developed, and managed purpose-built student accommodation across the UK, including at Durham, Coventry, and Leeds. With dedicated on-site hospitality teams, our tenants are supported for various concerns, including financial help, mental health difficulties, and safety or maintenance concerns.

Before booking, make sure you arrange a viewing to ensure you are completely satisfied with the room choice and accommodation.

Arrange a viewing at one of our student accommodation properties today, or contact Mansion Student for further information.

Why is it important for you to manage your finances as a student?

Managing finances as a student is crucial as it helps you avoid debt, build good financial habits, and ensure you can cover essential expenses like tuition, rent, and food. Proper financial management also reduces stress, allowing you to focus on your studies, and prepares you for future financial responsibilities.