Additional Rental Discount – Unite

Unite Students, the UK’s leading owner, manager and developer of student accommodation, today announces an additional three-week extension to its 50% rent discount for students, originally announced on 11 January. This takes the total discount period to 10 weeks, up to the end of the Government’s stay at home rule on 29 March.

The ten-week rental discount and four-week complimentary tenancy extension will be available to students not living in their accommodation between 18 January and 28 March 2021. Approximately 60% of checked-in students have now returned to our buildings. The decision has been taken following publication of the Government’s roadmap out of lockdown, set out on 22 February, which includes an end to the stay at home rule on 29 March. Subject to no further major changes in Government guidelines, this will be the Group’s final rent discount relating to Covid-19.

Based on take-up of the rental discount to date and occupancy in our buildings, the total 10-week rental discount and tenancy extension is expected to result in a reduction in rental income of up to £10 million (Unite share), equivalent to 2.5 pence of EPRA EPS for the 2021 financial year. This represents a lower impact than previously anticipated, despite the three-week extension to the discount, reflecting the high number of students now in occupation in our buildings …