The rise in university tuition fees and subsequent drop in admission numbers has resulted in the growth of student rental prices slowing down in comparison to the rest of the flatshare market.
The demand for student rental accomodation has fallen this year, as universities suffered a drop in student applications, resulting in the cost of rent growing 3.9% in the last year, a stark drop from the 7.9% growth figure found amongst non-student rent.
The average cost of renting a room in a student flatshare across the major university cities now stands at £345 per month. In a different trend, the average cost for halls of residence accommodation has risen faster, with a 5.5% rise in cost for this year meaning that average annual cost of a single room in halls of residence comes in at £4,035, a £200 increase on figures from 2011.
Jonathan Moore, the director of the company that commissioned the research, 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 annual tuition fee now stands at £8,305. If students decide to stay in university halls of residence, the total cost per year of fees and rent averages at £12,340. If students were to flatshare, to cost is lower at £11,145.