September 28th, 2018Student Accommodation News
Save the Student have released their annual National Student Money Survey 2018 and it has revealed which students spend the most money whilst at university and which spend the least.
Student landlords and investors are often keen on knowing which areas have students which are willing to spend the most as it’s often an indicator of how much students are willing to spend on accommodation and as such which areas will provide the best yields on property investments.
Aside from rent, the survey looked at what students spend most of their money on, with food ranking number one with students from UCL, Cambridge and Kingston spending the most on their food bills.
London students spent the most money on going out and socialising whilst Bournemouth, Edinburgh and Keele weren’t far behind. In contrast, students in York and Huddersfield spent just half that of their counterparts in London, spending just £35 per month on average on socialising and partying.
There was a large disparity in student’s household expenses in the north and south of the UK, with students in the south spending as much as £73 per month bills such as gas, water and electricity, whilst the average in Liverpool was just £10 per month.
London universities were understandably at the top of the list for highest expenses, but the second highest was Ulster University, followed by Coventry, Edinburgh, Glasgow and Northampton. These students, outside rent, spend between £458 and £626 per month on living expenses.
At the bottom of the list was Chester University where students, on average, spent just £208 per month on expenses, with Southampton and Leicester not far behind spending just £238 and £242 respectively.
In some areas it’s certainly true that students are becoming thriftier as maintenance loans and grants are cut further by the government, but there are areas, evidenced here, where students are more likely to be getting support from parents in order to support their living costs. In a survey from the same website, a massive 83% of students said that they didn’t feel that the maintenance grant gave them enough to cover their living expenses.
These areas highlighted should pique the interest of landlords looking to expand their portfolio or dip their toe into the market with the easiest way to buy being an investment into a resale student “pod” or room.
Students are wealthier than ever thanks to a rise in the number of students who are taking up part time work and having their parents support them, and the demand for high quality student accommodation has never been higher, with UCAS estimating that demand in some areas outstrips supply by 2 to 1.
It’s likely, therefore, that we will see a continuation of these trends in the medium to long term future.