In the scramble for a university place, students are now prioritising rent costs over academic potential, according to new data from StudentCrowd.
The marketing and insights platform reports that availability in private student halls is at a three-year high, with an average of 99 more buildings having at least one room available for booking in April for the 24/25 academic year compared to the same period last year.
However, it's not all good news for students. Despite the increase in accommodation availability, prices continue to rise, with an average increase of £2.86 per person per week each month since the start of the current booking cycle.
Interestingly, these price hikes persist despite a slight overall decrease in student applications (-0.3%). This drop is largely due to a plateau in 18-year-old applicants, a 5.2% reduction in mature student applications, and impacts in the international student market.
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A spokesperson from StudentCrowd explains, "Despite a plateau in student numbers this cycle, the prices of student halls have continued to rise. This is largely due to wider market pressures: hall providers have sought to build more rooms to meet pre-existing over-demand but, simultaneously, new regulation and the imminent Renters Reform Act encouraged many private-house landlords to leave the market, perpetuating an under-supply of student homes."
As a result of these rising costs, students are starting to make university choices based on the cost of accommodation rather than academic potential. This shift is creating a market driven by perceptions of value for money rather than the propensity to succeed.
In this ever-changing landscape, it's clear that students are having to make tough decisions about their futures. The question remains: how will these choices impact the future of higher education and the housing market in the UK?
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