Durham landlords lower rent as 1,300 beds remain on the market

Durham’s student housing market is showing signs of cooling after years of soaring prices, with major letting agents offering discounts and incentives to fill properties for the upcoming academic year.

Rent in the university city has risen dramatically over the past few years.

Data from StuRents, a student accommodation platform, shows that the most common price bracket for properties in October 2021 was £120-140 per person per week (pppw). By October 2023, this had jumped to £180-199 pppw.

Recent analysis suggests that the unaffordability of rent is starting to affect the market.

In February 2024, the most common pricing bracket dropped to £160-179 pppw, with agencies such as Loc8me and JW Wood reducing prices or offering special deals to entice students.

This shift comes after years of intense competition for housing.

On 31st January 2022, only 68 properties were left on StuRents. In contrast, on 16th February 2024, StuRents advertised 334 properties remaining for 2024/25, suggesting around 1367 rooms are still available in Durham.

Loc8me, one of Durham’s largest student landlords, has been particularly active in trying to attract tenants.

Price decreases and Netflix offered as incentives

They recently sent an email advertising properties with a £10 pppw price decrease, along with offers of free Netflix, Deliveroo Gold, and even free burritos for students who visited their office.

“We’re excited to announce that we’ve reduced the prices on two of our refurb properties!” a subsequent email from Loc8me stated.

“It’s our way of making life a little easier and more affordable for you during your studies.”

However, these reductions come after years of steep increases.

One Loc8me house has seen its rent rise by 52% over the past three years, from £126 pppw in 2021/2022 to £189 pppw for 2024/2025.

JW Wood, another major letting agent, has also been offering time-limited cashback deals on their properties.

When asked about their pricing strategy, JW Wood told Palatinate, “Our pricing reflects current market rates and we have let over 80% of our student portfolio.”

The agency acknowledged factors affecting the market, stating:

“We understand that last year the University was oversubscribed, which caused increased pressure to secure properties quickly.

We have also been made aware that the University and Student Union have both been advising first-year students to wait until the end of January before making a decision.”

Despite these concessions, many students are still struggling with affordability.

One Durham student, Cyrus, told Palatinate they hadn’t secured a house for next year as “many of them are out of budget.”

Another final year student said, “The housing crisis in Durham is the reason I have decided not to do a masters.”

Matt from ‘Get My Deposit Back’, who has been advising Durham students on navigating the housing market, sees the recent offers and price reductions as “a sign that the market is working.”

However, he cautions, “I wouldn't say that there’s too much housing. The market has been completely overheated, there has been this complete ramping up of rent.”

He added, “This is not a sign that the crisis is over, but I think it is a good sign that the market is working. It doesn't stop the panic next year. I really hope that firm solutions are put into place, so that the panic of the last two years does not take place again.”

Durham Tenants’ Union offered a more critical perspective

“Even if students are signing later this year than last year, which very well may be true, this should not be seen in anyway as a metric of success on the part of estate agents or the University. Landlordism is fueled by exploitation and an imbalance of power in order to make profit.”

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