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The rents of Turku Student Village Foundation apartments will not be raised for 2022 – security deposit will be waived permanently

Turku Student Village Foundation will not raise the rents of its apartments for 2022. Rents for TYS’s apartments have been determined on a cost basis in accordance with ARA’s instructions and regulations. According to the cost principle, tenants may be charged rent for a residential apartment up to the amount required, among other income, to finance rental housing and related premises and to maintain expenses in accordance with good property management.

The foundation’s finances are directly dependent on the occupancy rate of the apartment rentals. The target for 2022 remains an economic occupancy rate of at least 97%.

The Foundation’s total budgeted income for 2022 is just over 28.6 million euros. Housing rents make up the bulk of the income. The remainder includes other rental income (e.g. parking space and other rental property rents), user fees (e.g. furniture and laundry room fees) and other income (e.g. office fees).

The service fees will remain unchanged, and the security deposit will be waived permanently

The security deposit waiver pilot, which started in early 2020, will end at the end of 2021. No security deposit has been required for new leases signed during the pilot with TYS. The pilot has been considered a success and the foundation has decided to make the change permanent. Holders of defaults will continue to be charged a deposit equal to three months’ rent.

Parking space and storage rents, as well as furniture fees and other user fees, remain unchanged. Sauna shifts remain a service included in the rent. The use of the laundries will be charged separately, and the laundry charges will remain the same as in 2021. No changes will be made to the contract fee either, meaning that all new leases will be charged 60 euros.

In accordance with the provisions on shared management in rental housing, the tenant committees have also had an opportunity to give their opinion on the budget.

Tenants have been emailed a bulletin about 2022 rents. Rental invoices for 2022 will be sent to all tenants in December.