Student rents rocket by 30% in a year

Student rents rocket by 30% in a year

10:02 AM, 21st August 2023, About A year ago

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Students will be paying 30% more in rent this year as they head back to their studies, one index has found.

The NatWest student living index reveals that the increase has pushed the national monthly rent average to £591.

Unsurprisingly, London is the UK’s most expensive for student rent, with an average cost of £840.

The index takes into account living costs and student income to find out how the UK’s university towns and cities compare.

And Edinburgh is the most expensive university town for students to live in.

Jaimala Patel, the head of NatWest student accounts, said: “An increased reliance on student loans and double-digit increases in spending on food shopping and rent is having a real impact on student finances.

“There are some reassuring signs that students feel far more comfortable budgeting than in previous years, and they are taking steps to live within their means.”

Students’ supermarket expenses have surged

Along with higher rent, students’ supermarket expenses have surged and are now the second highest expenditure after rent.

Supermarket spending has jumped by 44% year-on-year, reaching £109 per month.

For Edinburgh students, their monthly term-time income stands at £1,453 – the lowest among all ranked cities – while monthly spending reaches £1,072.

The survey found that students across the UK are increasingly taking up part time work.

The most affordable UK city for students

Bournemouth emerges as the most affordable UK city for students, overtaking Cardiff, and it is where students enjoy the second-highest income of £3,296.

And nearly half of students (46%) have encountered financial strain by the end of each term – a rise from 35% in 2022.

The challenge of managing finances has grown significantly, with 24% of students finding it stressful, marking a 29% increase from last year.

Students are adapting their lifestyles to manage within their budgets with 90% report making changes, soaring to 96% in Glasgow, Bournemouth and Cardiff.

Notably, students are cutting back on online purchases (67%), reducing nights out (51%), and trimming daily meals (34%).


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