There are lots of opportunities for developers and property investors to boost the student accommodation market in the UK.
This is according to Colum McGuire, Vice President (Welfare) of the National Union of Students (NUS), who told Channel 4 News that private developers are filling the gap left by universities that have not been able to build adequate student rooms.
He said: “We’ve seen a huge growth in universities either going into partnership agreements with private providers for accommodation or outsourcing it to them completely.”
NUS recently released a survey that revealed purpose-built university-provided student accommodation dropped from 96% to 61% between 2003 and 2013.
At the same time, the cost of university accommodation increased from £59.77 per week in 2002 to £118.49 by 2013.
Mr McGuire added that private accommodation is typically more expensive than university-provided rooms, and the average weekly student rent charged by private investors is £140.07.
With this price comes an increase in the number of en-suite rooms in student buildings, with NUS finding that 74% of private sector apartments come with their own bathrooms.
Investors looking to capitalise on the rise in private student accommodation in the country may be interested in Vita Student’s developments in Liverpool, Bristol, Exeter and Manchester. These provide students with luxury facilities, including en-suite bathrooms, a fully integrated kitchen and hotel standard fittings, as well as communal areas such as a gym, laundry, study areas and games rooms.