Cost of student flatshare rents slows as uni admissions drop

Published by Max Salsbury for 24dash.com in Housing and also in Education, Finance

Student flatshare rent costs have slowed over the last year in the face of a 7% drop in university admissions.

Flatshare rents for students have only grown by 3.9%, whilst non-student flatshare room prices have risen by 7.6% in the same period.

Halls of residence costs have risen by 5.5%, also outstripping the growth in student flatshare prices. Consequently, students in flatshares are now saving an average £1,200 a year over those in halls.

The research by easyroommate.co.uk found that the average cost of a student flatshare spot across the major British university towns has risen from £332 to £345 per month. Non-student flatshares have risen from £409 to £440 per month.

The average annual cost of a standard single room in a halls of residence is now £4,035 compared to £3,827 last year.

Applications for university places fell to 425,858 this year compared to 456,581 in 2011. With average annual university tuition fees haven risen to £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.

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.”