Tenants

Applicants and realised rental agreements

During the year of operation, a total of 6,428 students/student families applied for TYS apartments (6,628 in 2018), while 3,123 new rental agreements were signed (2,696 in 2018), with internal transfers included. At the end of the year of operation, TYS had 4,861 apartments to be rented (4,726 in 2018), which had space for a total of 6,932 tenants (6,812 in 2018). The total number of places includes 138 youth apartment places. At the start of the year of operation, the Aitiopaikka location was completed, and the Aamurusko location was sold in June. Some of the Kuunsilta apartments were being modernised during the year. Of all apartment places available, 57% were in one-person apartments, meaning a studio or a room in a shared apartment, while 43% were in family apartments. At the end of the year, 6,339 tenants lived in TYS apartments (6,426 in 2018).

The functional occupancy rate was 96.5% in 2019 (97.2% in 2018). The underutilisation of apartments mainly occurred during the spring term and the summer. In 2019, TYS housed approximately 1,580 international students (1,595 in 2018), from a hundred different countries, on average every month. TYS reserved 360 apartment places for international students.

At the end of the year, TYS buildings also housed six day-care centres, a grocery shop, a restaurant and the offices of the Student Union of the University of Turku (TYY), along with its sub-associations. TYY has also rented the ‘Q-talo’ building owned by TYS for hosting parties and meetings.

TYS was able to maintain the rents of its student and youth housing at a reasonable level. In 2019, the average rent was €12.60/apartment m²/month, with electricity and water charges and the data network included (€12.50/apartment m²/month in 2018). The financial occupancy rate of the apartments was 97.1%, which was 0.5 percentage points lower than the previous year. The increase in underutilisation was particularly caused by the increased vacancies in shared apartments and studios with shared kitchens. For 2020, apartment rents were raised by 1–2%, depending on the location and apartment type. The rents of some apartments were lowered.

The total profit for 2019 amounted to €29.7M (€26.7M in 2018), of which the sales income from the Aamurusko location makes up €2.2M. The rental income for 2019 was almost at the budgeted level, amounting to €27.0M (€26.3M in 2018). Of the rental income, €26.4M (€25.7M in 2018) came from the rent of the apartments, €0.1M came from the parking and storage fees collected from tenants, and €0.4M came from the rent of business premises and other rentable premises. The rental income from apartments amounted to €12.17/apartment m²/month for the entire year (€12.17/apartment m²/month in 2018). The credit losses entered amounted to €24,624 (€22,582 in 2018), and the income from post-collection amounted to €24,600 (€23,279 in 2018). Claims for rent amounted to €237,526 on 31 December 2019 (€204,967 on 31 December 2018).

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