How Do Students Pay For Accommodation? A Guide For Nottingham Students.

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Paying for student accommodation in Nottingham is not a difficult process. All you have to understand are a few basics and you are good to go. This article focuses on all the aspects of securing and paying for your student accommodation, while studying in the city.

Paying for private rented apartments in Nottingham

Finding a place to stay is not a problem as long as you don’t start your property search too late in the year. If you do not want to or are unable to stay in the University provided accommodation, then understanding how the private accommodation rent is paid is crucial. But just how do you pay for private rented accommodation in Nottingham?

Rental fees

Across the city, student rental houses will be priced on average between £100-£180 per person per week (pppw) around the main student areas, but the rates may differ depending on whether you are sharing the house or living by yourself. The sizes of the rooms may also determine how much a student pays for accommodation, however, most tenants pay an equal amount when sharing a property. Once the payment amount is agreed, tenants, in this case students, have to come to an agreement with the landlord concerning the method of payment. This is generally done through setting up a standing order for the rent to come out on particular dates. The duration of payment will also depend on what you agree on which can vary from weekly, monthly or termly instalments. Whatever you go for should be something that will be easy for you to remember because failing to pay on time can incur late payment charges. Any agreement you make with the landlord concerning the rent should be documented in your tenancy agreement which should be fully read and carefully checked before signing.

Uni2 Rent offer termly payment schedules which means that you pay your rent when your student loan arrives, and makes it much easier to organise your student budget.

Deposit

The deposit is a feature of most rental agreements between landlords and tenants. When signing the contract, you will usually be requested to pay a deposit amount which is normally the equivalent of one month’s rent or a nominal figure per person, and is meant to hold the house for you until you move in. It is a refundable amount that is returned to you at the end of your tenancy agreement. If there is any damage to the property, besides usual wear and tear, when moving out, or the property is left in an unsuitable condition, the landlord will deduct the cost of repairs or cleaning from your deposit.

Taking Care of the Bills

Apart from paying for the rent, students will also have to pay for other bills. It is good to understand which of these bills fall under the tenant’s responsibility to avoid any issues down the line. Some of the charges that fall solely on the tenant include heating charges, water, electricity, and other utility charges such as internet access. Some landlords and agents offer bills-inclusive rental agreements, meaning you won’t have to worry about paying any additional utilities bills, as they are included in the overall rent.

At Uni2 Rent, we offer all of our properties on a bills inclusive arrangement, which means you have the benefit of not having to sort the utilities out yourselves, and can focus on your studies.

Usually you have to pay separately for your utility charges, and landlords should supply you with all the contacts of the gas, electricity, and water companies used by the previous tenants. You should then contact these companies and set up new payment methods, or find an alternative supplier and close the account. Typically, most of these bills will come in on a monthly basis or sometimes every three months. It is important to contact the companies with the date stated on your tenancy agreement to avoid paying for any bills from the previous tenants.

TV Licenses

If you plan to watch or record any TV programs, then getting a TV license is a legal requirement. Whether you’re watching live TV, or on-demand on things like BBC iPlayer, you still require a TV license. One TV license can cover the whole property however in some cases, you will be required to purchase separate TV licenses if each member of the household wants to watch TV in their rooms. It’s best to check your tenancy agreement or contact your landlord or lettings agent if you are unsure.

Council Taxation

If all of the tenants in your rented property are full-time students then you are exempt from paying council tax. If one or more of the tenants in your rented property are not full-time students then you must pay a council tax fee annually. This fee covers the cost of public services such as waste collection, Police and Fire as well as road maintenance and the upkeep of parks and leisure facilities.

Insurance Charges

Insurance is not mandatory but if you want to insure your personal property in case of a break-in then there are numerous providers. It is best to go for a company that is known to specialise in student insurance and your university, lettings agent or landlord will likely be able to recommend one.

If you choose a property managed by Uni2 Rent, you will get contents insurance provided by Endsleigh Insurance included in your rent automatically!

Internet costs

Most of the time, you will be responsible for setting up an internet package and paying its monthly bill. These can range in cost depending on the connection speed you want to have and most providers will offer special deals aimed at students. As a Uni2 Rent tenant, we can provide you wish the fastest 350mbps Virgin Media business broadband.

Sources of Money for Student Accommodation

Once a student understands the costs associated with his or her accommodation, the next step is sometimes finding  a means to pay for these costs. Students can get money for their accommodation in a number of ways:

Uni2 Rent Student Brand Ambassador

As a Uni2 Rent tenant you have the opportunity to work for us and potentially earn £1,000’s during your studies. Every winter Uni2 hire a number of ambassadors to assist us during the busy lettings season. Whether you’re helping show other students round our properties on viewings or assisting us in the office, there are great opportunities to earn money and gain valuable work experience.

Part-time job

Getting a part-time job can help get some extra money to afford all of those nights-out and takeaways that are a part of student life. Some of the most popular part-time jobs for students include bar & restaurant work and retail work, your University may also offer some part-time work so it’s helpful to check on their website too.

Student maintenance loans

These kinds of loans are given to students who study full-time. The maximum maintenance loan that students are allowed to apply for is £11,354 yearly. To apply for these loans, you must first set up a student finance account. You will be given a unique Customer Reference Number upon registration. Fill in your details and submit the application – you will have to supply proof of identity if you are a first time applicant. We’ve detailed the benefits students are entitled to.

Loans and scholarships

Students can also apply for scholarships. Check your university for offers on bursaries and scholarships and apply for as many as you can.

Financial Aid

Universities in Nottingham will always be on hand to help students struggling financially. If you are worried about money and are unsure of what to do next, contact your university for assistance and their team of financial assistance experts will be on hand to help you.

  • Author: Adam Kirk
  • On: 07th October 2020

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