Students in a third of the 25 largest university towns are in for a shock this semester as the amount of rent they are willing to pay is lower than the average on offer in their town, according to flat-sharing website easyroommate.co.uk.
Researc
h carried out by easyroommate.co.uk showed that the maximum amount of rent students are willing to pay each month stands at £411 on average, 15 per cent higher than the average rent of £357pcm currently being charged by student landlords. However, on a regional basis, average rents in eight of the largest 25 student towns are higher than the maximum students are willing to pay.
The average cost of renting a room in a student flatshare across the major British university towns has risen 8.5 per cent over the last year from £329 per month to £357. This is a much higher pace of growth compared to that seen between 2011 and 2012 when rents rose just 5 per cent.
This higher rate of growth has been spurred on by extra demand created by higher student numbers. In 2012 the number of university applicants fell 6.3 per cent compared to the year before to 404,000. But in 2013, university applications have grown 7.2 per cent to 433,330 – their highest level in the last five years. The rise in applications comes despite a rise in the average tuition fee being charged by universities. The average tuition fee across the UK is now £8,500 per year, up from £8,385 in 2012.
Rishi Patel, manager of easyroommate.co.uk, said: “Student rents are once again on the march as student numbers begin to recover following the increase in tuition fees. Rents for student flatshares are now at their highest level in five years which is increasing the financial pressure being felt by many students across the country who also have to deal with higher fees and more expensive day-to-day living costs.”
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