Freedom of Information requests show that UK universities have made almost
£100 million in the last three years from renting student accommodation to
non-students.
Some institutions double their figure via summer rentals, as this is a key
way for landlords to make money when students go home for the summer. It
seems that some institutions are relying on this summer rental method more
so now than ever as financial pressures begin to affect the sector.
Which universities benefit the most?
According to the iPaper, “University College London generated the most
money from private rentals between 2021/22 and 2023/24 at £14m followed by
London’s Brunel University at £10m and the University of Nottingham, which
made £9.5m.”
What is the cash crisis?
Students are already finding it hard with the
tuition fee increase
which could incline further in the future, but is yet to be confirmed.
It is thought to be important for universities to find ways to be
resourceful in receiving more funding e.g. through renting to non-students,
because they need to continue to provide high-standard education. Which
can’t be done at a low accommodation cost for students if the university is
already struggling financially.
Due to price inflation, tighter visa restrictions resulting in less
international student applications, and frozen tuition fees, the Office for
National Statistics says it is expected that 72% of universities will be in
deficit this year. Hence the bid to not just rely on renting to non-students
but also to ramp up their response to summer rental programmes.
Housing assistance
The iPaper suggests that, “the
cost of private rent in some university towns
and cities in England is now more expensive than the maximum student loan
available.”
This has been the case for a while for lots of Master’s and Postgraduate
students anyway, but now Undergraduate students are also beginning to feel
the strain. This is why many universities now carry out housing services to
help their students find the cheapest and best options available to them.
If not, websites like Accommodation For Students collaborate with many
landlord services to help students find different housing types best suited
to them, ranging from student halls to private housing and ensuite types.
