The experience of living away from home is an important element of the overall student experience of university. The choice of accommodation plays a pivotal role in shaping this experience, and it's no wonder that students often consider it the most critical element of their expenses.
Leading student accommodation website, Accommodation for Students, released a report sharing research for how students make their accommodation choices.
When students enter university life, accommodation tops their list of priorities, even above course fees, groceries, and entertainment.
With the increased prevalence of online learning, the role of accommodation has expanded. Students now tend to do most of their studying in their rooms, making it an integral part of their daily lives.
To finance their accommodation, most students rely on a combination of their maintenance loan and parental contributions. A smaller percentage, about 15%, utilize their income from part-time work. It is interesting to note that while more than half of students work part-time, only a minority consider this income essential for their accommodation budget.
Factors Influencing Accommodation Choices
Price remains a critical factor in students' accommodation choices, but it's not the sole deciding factor. The second and third most important factors according to our research are the availability of bills-inclusive rent and proximity to the university.
The importance of bills-inclusive rent has grown significantly over the past 18 months, likely due to rising utility costs.
While price is often at the forefront of decisions, students also show flexibility in their budget.
In our 2023 survey, 63% of students indicated that they had increased their accommodation budget during their search. This flexibility can be attributed to various reasons, such as securing better quality accommodation, initial budgets being too low, changing accommodation preferences, or peer influence.
Additionally, some students reported altering their budgets due to a shortage of available student accommodation, reflecting the increasing competition in certain cities.
Purpose-Built Student Accommodation (PBSA) vs. Shared Houses
One of the ongoing debates in student accommodation is the choice between purpose-built student accommodation (PBSA) and shared houses. Students consistently perceive shared housing as a more cost-effective option than PBSA, with over 60% of respondents in the 2023 survey holding this belief.
When students opt for PBSA, the size of the room is their primary consideration, followed by the room facilities. In contrast, private halls of residence have different priorities.
Students evaluate them based on room size, room facilities, security, quality of communal areas, on-site facilities, reputation, the type of students residing in the hall, the staff, the availability to live with friends, and the presence of social programs and events.
Our research found that the majority of respondents expressed a preference for shared housing (42%), followed by flats or apartments (21%), university halls (21%), and private halls (16%). This distribution indicates the potential for growth in the PBSA sector, as it offers several advantages, including the inclusion of bills within rents.
The choice of student accommodation is not a one-size-fits-all decision. Price is undoubtedly a significant factor, but it interacts closely with other property features in a dynamic decision-making process.
Students have various considerations, including location, facilities, room size, and the overall student community. Ultimately, the choice between PBSA and shared housing depends on individual preferences, budget constraints, and the specific university environment.
If you are interested in promoting your properties to students, www.accommodationforstudents.com is the UK’s leading student accommodation website.
