Student flat market ‘tough’ as Canterbury University halls fill up

Saturday, 26 October 2024

Students are “lining up down the street” as demand for flats in suburbs near Canterbury University intensifies and prices soar.

Nearly 4100 people have applied for just 2800 rooms in University of Canterbury (UC) halls of residence for next year, reflecting a year-on-year rise in enrolments, a spokesperson said.

Those who miss out are encouraged to try other options, like a home stay or private rental.

However, the student rental market is increasingly competitive and expensive with younger students likely to find it toughest to find a flat.

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Quinovic Riccarton owner and operator Tessa Keeling said students were sometimes “lined up down the street” to view desirable properties.

“It’s quite heart breaking sometimes because you know you can only give it to one group … it’s pretty tough out there.”

Keeling said student demand had grown, especially this year.

Between 20 to 40 groups would compete for a decent five-bedroom flat and prices had increased about $20 per room.

Students now looked as far away as Halswell for suitable homes, and in some cases parents would purchase a property for their child to flat in as an investment, she said.

Keeling did not expect the market to get easier. She encouraged students to bring a resume with references to flat viewings to increase their odds.

It was “quite tricky” for first year students who lacked any references, she said.

Fourth and final year engineering student Will Tidswell received 40 inquiries in just 48 hours after he listed his five-bedroom flat, close to Upper Riccarton, on a student Facebook group in September.

Tidswell, who was moving out and breaking his lease early, said the response was unsurprising. “We were expecting a high number just because we found it quite difficult to find a flat last year.”

After considering the applicants, Tidswell passed on two groups of applicants he knew personally to his landlord. He said personal connections made it “a lot easier” to get a flat.

Tidswell had been “lucky” to snag the modern home when it was priced at $180 per room weekly. Next year he suspected it could jump to $200 per room.

Despite the “tougher” market, Tidswell said he was “definitely” paying less than his mates in Wellington, Auckland and Dunedin.

A landlord who would not be named said he recently filled a flat in Bryndwr practically “on the spot” after a viewing with six student groups - but that was “pretty standard”.

He said the sub $900 five-bedroom home had attracted older students, as it had for years. He said he would be “very reluctant” if a first-year student group applied.

“As a landlord, I wouldn’t rent to 19-year-olds full stop. Any time I’ve done that it’s never been that satisfactory.'

Rising rents

Last month Ilam, one of Christchurch’s popular student suburbs, had a median weekly rent of $825, a 67% hike on the same time five years ago, Trade Me data showed.

A median Riccarton flat cost $600 per week last month, a 33% rise over the same period, while Upper Riccarton had a weekly median rent of $680, up 51%.

Hera He, a Rempstone property manager, said one of the biggest factors students considered was price.

A six-bedroom flat listed for $1200 weekly was “a lot harder” to fill than a similar property for $1000, she said.