🏡 The Lincoln Student HMO Market: What Landlords Need to Know (2025

Lincoln has undergone big changes in the student rental scene — and if you're a landlord with HMOs in Monks Road, West End, or Sincil Bank, you'll want to read this. With new purpose-built student blocks, tighter planning policies, and student habits shifting fast, it's no longer business as usual. Here's what you need to know to stay ahead.

🎓 Student Numbers: Modest Growth, Not a Boom

Lincoln’s two universities — the University of Lincoln and Bishop Grosseteste — now support around 22,000 students combined. But growth has been steady, not explosive. In fact, there are no major plans for expansion through 2026, which means demand is relatively stable.

🏗️ Huge Rise in PBSA (Purpose-Built Student Accommodation)

The last three years have seen thousands of new en-suite rooms built across the city:

St Marks Village – 1,500+ beds near Brayford campus
Pine Mill – 361-bed gated student village (2024/25)
BGU Student Village – 293 new beds on campus (2024)
The Gateway – 519 beds re-opening in 2025 after safety closure

Lincoln now has more PBSA rooms than it needs. University-backed data predicts a surplus of up to 3,500 beds at its peak.

🏠 What Does This Mean for HMOs?

Article 4 Keeps Supply Tight

Since 2016, new student HMOs in Lincoln require planning permission – and these are rarely granted. So existing student houses are still in demand… if they’re done well, to a good standard and modernised (think Airbnb).

But Oversupply Is Shifting the Market

With fancy new halls everywhere, many students are choosing convenience and en-suites over older shared houses. Student union and university reports say it's now harder to let average HMOs — unless they’re well located, modernised, and fairly priced.

Students Still Prefer HMOs — (When They're Done well)

Despite the surge in PBSA availability, national research shows that the majority of UK students (especially domestic second- and third-years) still choose HMOs over purpose-built accommodation. Why?

Shared houses offer:

✅ More space
✅ Shared social areas
✅ Lower weekly rents

However, students’ expectations have evolved. It’s no longer enough to offer a cheap house — they want quality too.

That means they want HMOs that are:

Freshly decorated 🧼
Furnished with a modern, student-friendly style 🛋️
Well-equipped kitchens 🍳
Fast Wi-Fi and study spaces 💻

In short, traditional older stock is what’s struggling, not the HMO sector as a whole. The landlords who invest in design, layout, and comfort are still winning the race, letting their properties and returning good yeilds.

Some Landlords Are Selling Up

Lettings agents and the council note a trend: where HMOs are tired, or in less central areas, landlords are starting to exit the market. This has serious implications:

🔄 Fewer available HMO rooms means overall supply shrinks
📈 With demand stable, this could push rents up for remaining properties
🧩 Students may have fewer choices, particularly for affordable, well-located homes

In short, while some properties fall out of the market, the best ones become more valuable.

The 2024 JLL Student Housing Report confirms this national trend — highlighting how demand continues to grow while landlord supply tightens, especially in smaller university cities like Lincoln.

📉 Early Lettings Cycle Has Slowed

Traditionally, Lincoln students rushed to secure houses as early as October. But now:

By March 2025, only 36% of student beds were let for 2025/26 across Lincoln
That’s down from 46% in March 2024
This trend shows students are less urgent — they have more options and are shopping around

Although the lettings cycle has slowed, the end result remains the same, with Lincoln reaching 98.4% and 96.8% occupancy in 23/24 and 24/25 respectively.

🏘️ Area Breakdown

West End – Still the #1 student zone. High demand, but only for well-kept houses. Scruffy properties struggle.

Monks Road – Affordable option for student nurses and budget-savvy tenants. Further from campus, so value matters.

Sincil Bank – Popular with price-conscious groups. Regeneration efforts may change the area over time.

🔮 What’s Next (2025–2027)

✅ More PBSA completions (Pine Mill, Gateway re-opening, Firth Road Phase 2)

✅ University of Lincoln student numbers to grow slowly (demographic boost)

✅ Some older HMOs expected to be sold or repurposed

✅ Students continue to demand bills included, fast Wi-Fi, and modern decor

💡 Landlord Tips

Want to stay ahead of the market? Here's how:

🛠️ Renovate or refurbish older properties. Fresh paint, new carpets, and modern kitchens go a long way.
🚿 Add en-suites where possible — they make your property stand out in a PBSA-dominated market.
💸 Include bills – this is the standard now. Students want all-in-one pricing.
📍 Prioritise location – walkability to campus or city centre still matters.
🏅 Join accreditation schemes – these boost trust and visibility.
📷 Upgrade your marketing – professional photos and floorplans can make all the difference.
🔁 Stay flexible – consider short-term lets or professional lets during low seasons.

📬 Final Thoughts

Lincoln’s HMO market isn’t dead — it’s evolving. There’s still solid demand for good-quality shared houses, especially near campus. But with PBSA competition and changing student behaviour, landlords need to raise their game.

If more landlords exit the market, it reduces overall supply — and for those who stay and invest wisely, this presents a clear opportunity. Better houses, better rents, and higher occupancy.

The message is clear: students still love HMOs, but only the best properties will thrive.

Want help marketing your student house or advice on how to stay competitive? Contact the team at Student Housing Lincoln — we’re here to help.