How did we get here? To misquote Jane Austen, “It is a truth universally acknowledged, that a man in possession of an HMO must be making a tidy sum”, and nowhere is this more evident than in the streets of Leamington Spa. A House of Multiple Occupation (HMO is occupied by at least three people, forming more than one household and sharing a toilet, bathroom or kitchen facilities with other tenants, and is the accommodation type favoured by most off-campus students. There are hundreds of shared student houses in Leamington – up to 40% of the properties in some areas – and so it’s not surprising to learn that nearly 90% of Warwick University students who live off campus have chosen Leamington as their temporary home. Meanwhile, investors have gathered like vultures to feast off the rich and guaranteed pickings – a yield of over 10% per annum on their investment (plus capital appreciation) - much higher than the gains from letting to a family, because as shared accommo...