University is often the first serious step young people take into the world of true adult independence, and for many, this involves moving out of the family home. Although some begin their studies by moving into a university-provided hall of residence or managed rental property, a growing percentage of student accommodation is provided by the private market. In this changeable market, keeping up-to-date with current and anticipated trends is vital for those involved in it.
Key points of the 2017 Student Accommodation Report
Thirty-thousand new bed spaces have been made available in 2017, which is the highest number ever. The increased demand for private rental property is evident.
Students who chose to live in a studio paid an average of 45 per cent more per year for the privilege than peers in en-suites.The NUS set a target of 25 per cent of all available bed spaces being pegged at £4,200 per year or less. The final figures show this only applied to 20 per cent of them.
Nearly a quarter of students come from outside the UK, and combined with the growing number of British residents who go to a university far away from home, the demand for student accommodation is buoyant and growing, with more young people looking for space, privacy and independence than ever before. Looking at a typical example, such as student accommodation in Gloucester, it’s easy for would-be house or flat renters to check out companies like http://studentaccommodationgloucester.co.uk/ who deal specifically with their particular market.
Nearly half of the contemporary university-provided student housing sector contains standard-sized bed spaces, and just 2 per cent are studios, compared to figures of 12 and 24 per cent in the private arena. Studios and en-suite spaces are the fastest-growing market; the demand for a larger bed space is growing rapidly.
The private rental market is strong, with a 2.9 per cent growth in rental charges from 2016 to 2017. Nearly 90 per cent of new bed spaces for the upcoming year have been provided by the private sector, so it looks set to enjoy a prolonged boom.
The year ahead
The 2017/18 academic period brings 602,000 specially-built bed spaces, with mostly private market en-suite options priced at an astonishing 8 per cent above average, causing concern.