The University of Warwick has lost approximately £11 million in rent, after students living in on-campus accommodation could choose to be released from their contracts for Term 3.
A Freedom of Information (FOI) request by The Boar has revealed that the total monetary value of loss of rent from students choosing to terminate their Term 3 on-campus accommodation contracts was “£11m less any rents from the students who have remained on campus”.
The policy was announced in March, giving students the option to end their accommodation contract at the start of Term 3, if they were not planning to return to campus.
However, in an email seen by The Boar, sent by Warwick Accommodation to a student due to live in on-campus accommodation for the 2020/2021 academic year, the University said they will not necessarily “take the same action should a similar situation arise again”.
“By signing this contract you are therefore committing to comply with all the terms of the contract, including paying rent, for the duration of the contract period,” the email added.
Warwick Accommodation expected to receive approximately £11 million of rent from Term 3 on-campus accommodation contracts
Warwick Accommodation expected to receive approximately £11 million of rent from Term 3 on-campus accommodation contracts, prior to the implementation of early contract release. The University expected to receive approximately £36 million in rent for the whole academic year.
This comes after it was revealed that the University is planning for a “financial shortfall in excess of £100 million” for the next academic year.
The FOI request also revealed that, to date, approximately 5,500 students living in on-campus accommodation had made the decision to prematurely end their accommodation contracts.
There are approximately 1,000 students still in residence, “however, some students will leave before the end of the tenancy which may not expire until September”.
The University has also announced that students are now able to return to campus to collect belongings that were left in their on-campus accommodation or can request to store them.