The Future of Student Accommodation
The UK student housing market consists of a competition between purpose-built student accommodation and privately-owned properties. Despite a growth in students deciding to rent privately, student halls and housing continue to attract a large sum of students, and also, investments. So what’s in store for the future of student accommodation?
New build growth
The number of students studying at university rises each year by over 3%, meaning that the number of students looking for accommodation now exceeds the growth of accommodation built. Regardless of whether or not students move towards private renting, there is undoubtedly a high need for university new-builds.
Higher standards – higher quality builds
An increase in student numbers follows a demand for higher quality accommodation. However; it can be difficult to provide adequate space, particularly in city areas such as London, where property prices are the highest in the country. Despite this, student statistics indicate that price isn’t the be-all and end-all, in some cases, students are willing to pay higher rental costs in exchange for higher living standards, as well as extras like a strong internet connection, with bills included in the price.
Hotel style leisure
Students will take communal and relaxation areas into consideration more when deciding on where to live. New buildings should offer games areas, social hubs, study rooms, as well as places to get healthy, high-quality food.
Pair rising tuition fees with an increasingly competitive job market, and you’ve got students that are more likely to take their education seriously. Students wanting to ensure that their £50,000+ is worthwhile will be looking for effective working spaces that allow them to study closer to their accommodation, not just at the library, alongside a short commute to their university campus.
In 2020, increases in university fees will be based on individual performance, and the teaching quality of the institution. These rises should also be reflected in the accommodation that is offered with the university. Gone are the days of small, dingy, single bedrooms. Students expect functional rooms that aid productivity, with interior design trends in mind.
Room for growth
Areas in the UK such as Glasgow or Cardiff are the home to a vast population of students, however as they do not currently accommodate for the growing population of students, these areas are desirable for investors. The new accommodation built should be higher quality than basic student options, in order to compete with private renting options. Lower value markets should also be expanded into, to ensure that affordable and competitively priced housing is available.
Luxury student housing doesn’t cut it
5* student accommodation isn’t serving the majority of students. An emergence of privately-owned, luxury student accommodation isn’t the solution to the student housing crunch. When Huffington Post asked students what they wanted from their accommodation, appliances such as a tumble dryer and dishwasher didn’t even cut the list. Students simply wanted good wifi, a large bedroom, and a double bed.
A development of affordable student housing, with practical and productive living spaces, alongside a good location, and all in all, a place where students are happy, will see fit to the rising student population.
Take a look at a project we worked on at Cambridge’s Study Inn student apartments. The apartments offer spacious student living with ensuite bathrooms, and the opportunity to upgrade to a studio apartment. The facilities within the Study Inn Cambridge include a fully fitted gym, pool tables, a social and study area, as well as a cinema room.
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