The average revenue from student lets dropped by 30% in 2020, according to data collected by Goodlord.
This stems from a decline in average rental prices among student properties due to a fall in demand accountable to the pandemic.
During 2018 and 2019, the average price of a student property was £1,265.
In 2020, it was £1,012 – a fall of 20% on average across England and Wales.
The average cost of rent in September 2018 and 2019 was £1,350 per student property.
In September 2020, student properties were being let for £1,000 on average.
The research also found that, between 2018 and 2019, 12p in every £1 spent on rent in England and Wales could be attributed to student rental properties.
In 2020, this dropped to just 8p in the pound – this represents a 33% decline.
Across 2018 and 2019, the student rental market hit its peak in September and represented 20p in every £1 spent on rent in England and Wales.
But in September 2020, this had dropped to just 14p in every pound, as demand fell ahead of the new university term.
The percentage of student lets within the wider rental market also fell during 2020.
In 2018 to 2019, the proportion of student renters was 9.68% of the total rental market.
In 2020, this had fallen to 8.28% – a decrease of 14%.
According to Goodlord, early indications for 2021 suggest this year will continue to be slow for private landlords who let student properties.
Within the first two months of 2021, there has been a 37% drop in the cost of rent compared to the same time last 2020.
Goodlord analysed 255,000 tenancies from January 2018 through to December 2020.
Tom Mundy, chief operating officer of Goodlord, said: “With such a large proportion of students now learning online, it’s no surprise that a big chunk of potential renters have forgoed taking on tenancies over the past 15 months.
“This represents a huge hit to this section of the rental market and the depressed demand is clearly reflected in the average price of rent for student properties.
“Figures for 2021 to date show an even slower picture, as students continue to delay decision making until their universities provide clearer guidance on when teaching will take place in person once again.
“We predict a big boost to demand from the summer onwards if universities confirm plans for what’s hoped to be a more ‘normal’ academic year.”