UK rental guarantor service Housing Hand and Queen Mary University of London have announced the launch of a new partnership: the Queen Mary Guarantor Service in association with Housing Hand. The partnership will provide students with a preferential rate for Housing Hand’s rental guarantor service. It is open to all Queen Mary students, irrespective of year of study and with no caps or limitations in place.
The Housing Hand guarantor service makes it easier for students who don’t have a UK guarantor to access accommodation in the private rented sector. Higher Education Statistics Agency (HESA) figures show that this type of accommodation was students’ preferred option in 2020/21, with 27% of students opting for privately rented homes – more than lived in any other property type.
“We know that many of our students want to rent privately as part of their experience of attending Queen Mary University of London. Yet securing private rented accommodation when you have no credit history and no UK-based rental guarantor can be a tough ask. As such, we are delighted to be working with Housing Hand to offer each and every one of our students an easier solution to accessing the private rented sector.”
John Iveson, Assistant Director Estates and Facilities (Commercial Services), Queen Mary University of London
Housing Hand’s guarantor service means that students don’t have to pay rent up-front when moving into a rental property. The company guarantees the student’s rent for the whole of their tenancy, delivering a landlord-friendly proposition as well as a student-friendly one.
The Queen Mary Guarantor Service will significantly reduce the rental barriers that some students face when they are unable to provide a qualifying guarantor. This can be an issue for both domestic and international students. Queen Mary’s students are drawn from over 170 nationalities, and approximately 41 per cent are from overseas.
The newly launched guarantor service is not the first time that Housing Hand and Queen Mary University of London have worked together. The university has been referring students to Housing Hand for a number of years. That process was itself an evolution of the original Queen Mary guarantor service, which was an in-house provision capped at 50 students and with capped rental amounts.
“We are very pleased to be supporting Queen Mary University of London as it expands the provision of a discounted rental guarantor service to all students. This will make it easier for many of the university’s students to find and secure suitable homes in London as the autumn term approaches.”
James Maguire, Head of Sales and Business Development, Housing Hand
Young people studying in London already face plenty of barriers to renting. Deutsche Bank data shows that London is the sixth most expensive city in the world in which to rent a two-bedroom apartment. With the cost of everything from food to energy spiralling upward at present, those seeking accommodation in time for the start of the 2022/23 academic year can at least cut out the need to stump up a vast amount of rent upfront, thanks to the new Queen Mary Guarantor Service in association with Housing Hand.