Growth in student rents slows

Annual growth in student rents has slowed compared to the general flatshare market as tuition fees rise and university admissions fall, according to flatsharing website EasyRoommate.co.uk.

Research carried out by the website showed the average cost of renting a room in a student flatshare across the major British university towns has grown 3.9% over the last year from £332 per month to £345 . In contrast, average rents in non-student flatshares have grown 7.6% over the same period from £409 to £440 per month .

Demand for student rental accommodation has fallen as universities suffered a drop in student admissions in 2012.

Jonathan Moore, director of EasyRoommate.co.uk, said: “The rise in tuition fees and the prospect of a debt mountain on leaving university was the final nail in the coffin for many would-be students. The drop in applications has eased the pressure on student accommodation and this has caused rent rises to slow compared to the wider market. Something that will be very welcome to cash conscious students and parents.”

The average cost of halls of residence accommodation in the largest university towns and cities has risen faster than the cost of flatsharing over the last twelve months. The average annual cost of a standard single room in halls of residence is now £4,035 compared to £3,827 last year, a rise of 5.5%.

With the average annual university tuition fee of £8,305, the total cost per year of fees and rent for those students staying in university halls of residence is £12,340. For those who decide to flatshare, the total cost is £11,145.

“Halls of residence have many advantages and can be a great social hub when first starting out at university,” says Moore. “But as the cost of studying climbs ever higher, more and more students will be considering their options in order to save a few pounds. Demand for amenities such as wi-fi, en-suite bathrooms and double-beds has caused halls of residence costs to grow faster than average student flatshare rents. While flatsharers don’t tend to get bills and cleaning costs included in their rent, the more people you share with the wider you can spread these expenses. And with the cost of university rising higher each year many students will be exploring every avenue they can to try and save money.”

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