Posts with tag: student rents

Shortage of student housing sees rents rise

Published On: September 16, 2016 at 9:08 am

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Interesting new research has revealed that student rents have increased by up to 10% over the last year, as the housing shortage across Britain countries.

Spiralling student demand is driving rents higher in some of the UK’s largest towns and cities. These include Cambridge, Surrey, Oxford and Edinburgh. In these regions, there are five students competing for each available room.

Southern squeeze

The shortage of housing for students is particularly concerning in the South of England and London, where more universities naturally means more demand.

Data from the report by Spareroom.com also reveals that nearly one-third of rooms for rent in top university towns and cities are not available to students.

Matt Hutchinson, director of SpareRoom.co.uk, noted: ‘students aren’t just battling rising rents, they’re also affected by a private rental market struggling to cope with demand.’[1]

Regional differences

Continuing, Mr Hutchinson observed that there are regional disparities in rental values, meaning that where students choose to go to university could have a massive impact of their post-degree debt.

‘The difference between rents for students at Imperial College in London, compared to those studying at St Andrews in Scotland, is a massive £792 a month. Over a three-year course the difference is eye watering. Even choosing Durham over Oxford could save you more than £7,000 in rent over three years.’[1]

Shortage of student housing housing sees rents rise

Shortage of student housing housing sees rents rise

Information shown below shows the average room rents in 30 of the UK’s top university towns and cities. Data is taken from Q2 rental data from SpareRoom.co.uk.

Rank University  Location Ave monthly room rent Q2 2016 (£) Ave monthly room rent Q2 2015 (£) Annual % difference No. of people looking per room available Q2 2016 Current % of rooms available to students
1 Cambridge Cambridge £541 £509 6% 3.5 60
2 Oxford Oxford £557 £507 10% 3.2 64
3 St Andrews Kirkcaldy £339 £329 3% 1.8 67
4 Surrey Guildford £574 £526 9% 3.8 62
5 Loughborough Loughborough £350 £339 3% 1.2 77
6 Durham Durham £362 £367 -1% 0.9 92
7 Imperial College London SW7 £1,131 £1,086 4% 3.9 85
8 Lancaster Lancaster £371 £353 5% 0.9 82
9 Warwick Coventry £388 £369 5% 1.7 80
10 Bath Bath £448 £438 2% 3.2 62
11 Exeter Exeter £434 £417 4% 1.9 59
12 London School of Economics London WC2 £1,034 £1,094 -5% 5.2 86
13 Birmingham Birmingham £405 £413 -2% 3.1 63
14 UCL London WC1 £870 £833 4% 4.6 85
15 Coventry Coventry £388 £369 5% 1.7 80
16 Leeds Leeds £374 £353 6% 2.8 64
17 Southampton Southampton £436 £417 4% 2.5 54
18 City London EC1 £920 £904 2% 3.2 71
19 York York £400 £379 6% 2.4 63
20 Sussex Brighton £511 £492 4% 3.7 63
21 Edinburgh Edinburgh £469 £438 7% 5 70
22 Kent Canterbury £418 £422 -1% 1.9 81
22 UEA Norwich £401 £374 7% 2.4 62
24 Nottingham Nottingham £374 £358 4% 1.8 69
25 Glasgow Glasgow £390 £376 4% 3.9 75
26 Heriot-Watt Edinburgh £469 £438 7% 5 70
27 Dundee Dundee £323 £311 4% 1.6 93
28 Aston Birmingham £405 £413 -2% 3.1 63
29 SOAS London WC1 £870 £833 4% 4.6 85
30 Manchester Manchester £414 £385 7% 3.7 74

{1)

[1] https://www.landlordtoday.co.uk/breaking-news/2016/9/student-housing-shortage-sees-rents-soar

 

 

 

Students at Top Universities Pay Higher Rents

Published On: August 17, 2015 at 11:54 am

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Those studying at the country’s top universities are paying some of the highest rents, according to a new study.

Accommodation for Students revealed that those attending Cambridge, Oxford, Imperial College London, London School of Economics, Exeter and the University of Surrey pay between £20-£58 more in rent every week than the national average.

The research indicates that the student rental market has remained stable in most parts, with a slight increase in rents of £1.43 in the past 12 months. The average student rent is now £82.09 per week.

Students at Top Universities Pay Higher Rents

Students at Top Universities Pay Higher Rents

The only top ten university (according to The Complete University Guide 2016) where students pay less than the national average is Lancaster University at £78 a week.

Similarly to the overall rental market, there is still a wide north-south divide, with students in the north of England paying around £15 less than those in the south.

Those studying in Wales pay an average of £69 a week and Scottish students typically pay just £4 more.

The most expensive average student rents are in London at £140, Cambridge at £124, Kingston at £115 and Aberdeen at £109.

Students in Bolton, Middlesbrough and Wolverhampton pay an average of £62 per week, but the cheapest student accommodation is found in Walsall and Stockton at £48 and £49 respectively.

The greatest rises in student rents were experienced in Luton, Bangor and Derby, increasing at an average of 20% over the year.

Simon Thompson, Director at Accommodation for Students, says: “It’s great to see that the overall market has remained stable over the last year. This is positive for both investor landlords and students.

“Unsurprisingly, the north-south divide in rent values remains apparent, just as in the private rented sector.

“Naturally, rental increases in some areas will be governed by student demand, often determined by what courses are available, but it is interesting to see that there appears to be some correlation between the highest ranked universities and cost of student accommodation.

“Bill-inclusive rental options are increasingly prevalent, which shows landlords are reacting to student needs.

“Anything which helps students to manage their finances is appealing and I think this trend will continue to grow over the next few years as the cost of attending university creeps up.”1

1 http://www.propertyindustryeye.com/higher-rents-for-students-at-top-universities/

Students pay more in rent at top Universities

Published On: August 13, 2015 at 2:39 pm

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With thousands of A-Level students receiving their results today, many will be looking forward to beginning University courses in the Autumn.

To mark results day, Accommodation for Students has released its annual report that focuses on the cost of student accommodation.

Rents

Data from the analysis indicates that student accommodation markets have remained fairly steady, with a very modest average rent increase of £1.43 from 2014 to £82.09.

Interestingly however, the average rents table show that students attending six of the best Universities in Britain (Cambridge, Oxford, Imperial College London, London School of Economics, Exeter and The University of Surrey) are likely to have to pay between £20 and £58 more per week than the national average.[1]

Results show that of the top ten ranked university guides listed in The Complete University Guide 2016, only Lancaster University had average rental costs lower than the national average.

Regional differences

There was also found to be firm regional disparities in place, with students in the North of England paying £14.73 less on average per week than those in the South. Students in or near to London pay much more per week on average, with costs found to be £122 higher than the rest of Britain.[2]

Welsh students have the most spare cash in their pockets, with average rents £69.09 per week. Scottish students also have more money for an extra couple of drinks in the Student Union, with weekly rents north of the border totalling £72.81.[3]

Unsurprisingly, London topped the list of cities with the mist expensive weekly average rental values. Academics in the capital pay £140 per week, followed by those in Cambridge (£124), Kingston (£115), Aberdeen (£109) and Guildford (£104).[4]

Additionally, the report revealed the cities where the greatest range of weekly rents were present. These cities are Plymouth, Exeter, Nottingham and Liverpool, where gaps between rents were up to £146. In Plymouth for example, the lowest weekly rent was £39 with the highest £185.

At the other end of the scale, Bolton, Middlesbrough, Wolverhampton, Stockton and Walsall were found to command the lowest amount of weekly rents, with none of these Universities in the top-thirty in the 2016 league table.

Students pay more in rent at top Universities

Students pay more in rent at top Universities

Increases

This year’s largest increases in weekly rents were found in Luton, Bangor and Derby, all of which were up 20% on 2014. These regions all went from providing accommodation at a rental cost below the national average to either above or beyond this figure.

Furthermore, the number of student homes offering a bills-inclusive option was greater than those offering a non-bills inclusive payment. Furthermore, the average extra cost for bills inclusive properties was between £9-£13 per week.[5]

‘It’s great to see that the overall market has remained stable over the last year, this is positive for both investor landlords and students,’ commented Simon Thompson, Director of Accommodation for Students. ‘Unsurprisingly, the north/south divide in rent values remains apparent, just as in the private rented sector.  Naturally rental increases in some areas will be governed by student demand, often determined by what courses are available, but it is interesting to see that there appears to be some correlation between the highest ranked universities and cost of student accommodation,’ he continued.[6]

‘Bills inclusive rental options are increasingly prevalent which shows landlords are reacting to student needs. Anything which helps students to manage their finances is appealing and I think this trend will continue to grow over the next few years as the cost of attending university creeps up,’ Thompson concluded.[7]

[1] http://www.propertyreporter.co.uk/landlords/students-pay-premium-to-attend-top-universities.html

 

Student’s pay £140,000 per year in rent-claim

Published On: June 11, 2015 at 3:34 pm

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A London letting agent has made the astonishing claim that some students in the capital pay £140,000 per year in rents.

Prime central London agency Napier Watt signalled that start of the international student letting period by claiming that certain overseas scholars pay £12,000 per month.

Staggering high

Jonathan Adams, director of Napier Watt, said that, ‘enquiries from overseas students keen to rent an apartment for the new academic year are starting to come in. As the current wave of students come to the end of their tenancies, those who have rented before know it makes sense to take over a tenancy during the summer.’[1]

‘These students are prepared to pay £6,000 to £8,000 per month for a nice two-bed flat in Mayfair, Marylebone or Belgravia, rising to £12,000 per month in Knightsbridge,’ Adams surprisingly suggested.[1]

Student's pay £140,000 per year in rent-claim

Student’s pay £140,000 per year in rent-claim

Reluctance

Despite the chance to achieve such large returns, landlords are still wary of letting to students, according to Adams. He believes however that landlords and agents should not be hesitant when letting to young academics. Adams said, ‘students often get an unfair press for being rowdy and excessive partying but there are many real and distinct advantages of letting to them. Firstly, on the whole they tend not to be badly behaved. Secondly, in central London they tend to be overseas students and will typically pay their rent half yearly in advance and occasionally, annually in advance.’[1]

Adams also said that students, ‘often pay a deposit equal to eight weeks’ rent on top.’[1]

 

[1] http://www.lettingagenttoday.co.uk/breaking-news/2015/6/agent-claims-some-students-in-london-pay-140k-in-rent-per-year

 

 

Student Rents Fall as Admissions Drop

Published On: September 18, 2012 at 3:14 pm

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Rising tuition fees have seen university admissions fall by 7% in comparison to last year. The drop in student admissions has also had a knock-on negative effect on the growth of student rents.

Value

With this said, figures suggest that students renting in the private sector still gain better value than those staying in halls of residence. A student flat share room has risen 3.9% in cost in the previous 12 months. This is in comparison to a rise of 5.5% for students living in halls of residence, where average costs are nearly £1,200 greater per year.[1]

Research from website EasyRoommate suggests that the average cost of a student flat share room has risen by 3% in the previous annum. Students across Britain’s most popular university cities now pay around £345 per month, up from £332 last year.[1]

In comparison, average rent prices for non-student flat share properties have risen from £409 to £440, a growth of 7.6%.[1]

Student Rents Fall as Admissions Drop

Student Rents Fall as Admissions Drop

 

 

Rising fees, less degrees

The dip in applications for higher education places comes as tuition fees of up to £9,000 move into effect for the 2012/13 academic year. On average, tuition fees across the biggest university towns and cities stands at £8,305, so it is little wonder that applications have fallen.

EasyRoommate director Jonathan Moore, said that the astronomical fees were the final straw for undecided students. Moore said: “The rise in tuition fees and the prospect of a debt mountain on leaving university was the final nail in the coffin for many would-be students.

“The drop in applications has eased the pressure on student accommodation and this has caused rent rises to slow compared to the wider market. Something that will be very welcome to cash conscious students and parents.”

Halls

Many students prefer the security of halls of residence, particularly in their first year as an undergraduate. However, prices of halls have risen by 5.5% across many large university cities, from £3,827 to £4,035 last year.[1] Moore suggests that the rise in prices of halls is a major factor for some students deciding against further education.

Moore states: “Halls of residence have many advantages and can be a great social hub when first starting out at university. But as the cost of studying climbs ever higher, more and more students will be considering their options in order to save a few pounds.

“Demand for amenities such as wi-fi, en-suite bathrooms and double beds has caused halls of residence costs to grow faster than average student flat share rents.

“While flat sharers don’t tend to get bills and cleaning costs included in their rent, the more people you share with the wider you can spread these expenses. And with the cost of university rising higher each year many students will be exploring every avenue they can to try and save money.”[1]

[1] http://www.landlordtoday.co.uk/news_features/Growth-in-student-rents-slows-as-admissions-fall