“…In fact, studentification began with the piecemeal "HMO-ization" by local landlords supported by the buy-to-let scheme (Bromley, 2006;Hubbard, 2008;Leyshon & French, 2009;Munro & Livingston, 2012), which omitted the cultural capital-led stage (Smith, 2005) under the classic stage-model of gentrification (Bridge, 2001;Ley, 1996). Although Smith (2005) argued that studentification tends to unfold adjacent to or within previously gentrified areas, several studies demonstrated that neighbourhoods' rents and housing stock composition did not hold promise for studentification (Munro et al, 2009;Rugg et al, 2002;Sage, Smith, & Hubbard, 2012a, 2012bUniversities UK, 2006;Wattis, 2013).…”