The report also stated that London year-on-year rents are up 1.73% in the 2013/14 academic year. The national blended regional growth number is 1.59%. This solid growth comes after increases in tuition fees and changes to the student visa system which have caused students to re-consider studying in the UK or studying altogether!
However, the report found that in London, the average student would pay £299 a week for accommodation let by a student housing group or a university. However, this rise has been attributed to an increase in "lifestyle" accommodation demand. The increase in tuition fees has seen the average student become more discerning regarding their institutional requirements - i.e. better student facilities. However, this demand has slowly permeated into the student accommodation sector.
The London Evening Standard, found here, published an article in response to Knight Frank's report, stating that almost 250,000 students in London are unable to find student accommodation and as such are forced into the private rental sector or to stay at home with parents. The Standard reported that one Chinese postgraduate student was paying £209 a week for a purpose-built student accommodation that has everything on-site in a central London location - principally Kings Cross.
Channel 4 News reports "private purpose-built student accommodation on the market rose from 4 per cent to 39 per cent in the decade from 2003 to 2013. At the same time purpose-built student accommodation by universities fell from 96 per cent in 2003 to 61 per cent in 2013." It should, for the sake of balance, be noted that universities jumped on a bandwagon to sell land that was rather valuable for the purposes of raising cash! Channel 4, citing an NUS accommodation cost survey, found here, found the cost of student accommodation has grown from £118.49, in 2002, to £118.49, in 2013. The price of private sector accommodation averaged £140.07. Both the NUS and Channel 4 News argue this has created a decline in cheap and affordable student accommodation?
Perhaps, the private student rental sector can help fill in the gaps? There seems to a battle, almost to the death, between universities and private developers to create unique and luxury developments for students (with the right amount of money) to enjoy their undergraduate (or postgraduate) studies in comfort and style. However, NUS found that private student accommodation is, on average, priced at £140.07 a week whilst private landlords for HMO properties are charging, on average, £ 79 a week.
Historically, "halls" have been a staple part of the undergraduate experience - a way of 'settling in' before moving into a private rented property for your subsequent years - after friendships have been made and a more broader understanding of your geographic locale was finessed. However, with the cost of living on the rise and 'halls' - both private and university-run being so costly, another route for those wanting cheap accommodation is available?
Perhaps, cash-strapped students should avoid the big private accommodation companies - like Scape or Unite - in favour of small independent landlords in and around your university campus? If you want to save a load of money why not get in contact with your on-campus Student Accommodation Centre (SAC) for more advice. Demand, however, outstrips supply - another element of the SAC experience, according to the NUS, see above link, has found that many universities will favour higher charging landlord over lower charging landlords in order to 'push up' the student experience.
The prospective student - especially from a low-income background - can find the whole student accommodation experience rather daunting. There are however, many available online platforms - much like accommodationforstudents.com - that can help you source the right student property for your needs, requirements and most importantly - cost!
So, if you are thinking about your student experience in 2014, why not start thinking about saving some of your student loan by renting privately?
