Student accommodation rents rocket by 26% in some areas
The rents for student accommodation have risen by 26% in some regions over the past five years, a survey reveals.
According to Manor Interiors, they say that the average rent rise has been 8% in most areas in that period.
The build to rent furnishing provider found that the average student is paying £132 per week to rent their accommodation.
The most expensive area is, unsurprisingly, London with rents of up to £152 per week.
Renting costs for students
However, the firm has looked at the renting costs for students and found that rents in London and Scotland are the only regions to see prices fall.
Researchers found that on average, London students were paying £182 per week in 2017, but they are now paying £152 per week - that's a drop of 16%.
Over the same period, the rent for student accommodation in Scotland has fallen by 2% to reach an average of £127 per week.
The largest rise in student rents was in the East Midlands with a 26% rise where rents are an average of £129 per week.
Student rents
Student rents also rose in the North West, and in Yorkshire and the Humber by 23% and 21% respectively.
Researchers also say that rents rose in the South West by 16%, in Wales by 14% and in the South East, they rose by 11%.
Smaller rises were seen in the North East at 9%, in the West Midlands with 7% and in the East of England with just a 3% rise over five years.
The chief executive of Manor Interiors, Farhan Malik, said: "Every penny counts as a student, and an extra £11 per week might not seem significant.
"Many students are now paying a higher rent when compared with five years ago."
Students’ enthusiasm for signing up for university degree courses
He says that the rise in rents has not dampened students’ enthusiasm for signing up for university degree courses with a record number choosing to pursue a degree this year.
Mr Malik added: "With more students looking to rent and having a limited amount of accommodation is likely to keep rent prices buoyant - that's great news for PBSA providers and landlords, but not if you're a student."
The managing director of Accommodation for Students, Simon Thompson, welcomed the research and said: "News that student rents have risen should not come as a surprise, particularly after the struggles student landlords have faced during the Covid pandemic lockdown.
"Quality student accommodation will always be in demand and those landlords will be able to charge a premium for their homes, but a lot also depends on the type of property and where it is for students wanting to rent it."
