The rent for student accommodation can often be a huge concern for students and can sometimes take up the majority of their maintenance loan. Rent prices vary a lot throughout the UK, for example students will typically have to pay more if they want to live and study in a city location such as London. So it’s no surprise that the top three universities in terms of average cost of rent for student accommodation are all London-based (LSE at £203 per week, Birbeck at £185 and West London at £183). This is a big increase on the cost to rent a student apartment or studio in key cities throughout the UK, which averages around £97 per week.
City locations such as London or Birmingham tend to offer student accommodation at a higher price tag. Cities in the UK with top universities are far more appealing to students thanks to the busy, lively and attractive surroundings, easily-accessible public transport links and endless attractions to keep you busy.
When it comes to comparing city locations, somewhere like Southampton for example has a lower cost for student accommodation. This can be due to the fact that there aren’t as many universities and opportunities for students in the city compared to London. The average cost of rent at The University of Southampton is £99 per week and even less at Southampton Solent, with an average rent cost of £88 per week.
This blog post will outline how much student accommodation is in key city locations across the UK, how student accommodation can be paid and what students might consider when thinking about how to manage their finances at university.
How Much is Uni Accommodation On Average?
Student accommodation prices are often affected by the location of the university and the cost of living can vary hugely in key locations across the UK. If you want to know how much student accommodation is on average and how this can differ in locations across the UK, it is important to do your research.
As previously mentioned, London is the most expensive city to live and study in the UK due to the surroundings of a central location, the close proximity to top universities and the competitive market for student accommodation.
At the other end of the spectrum is the least expensive average rent per week: Buckingham averaging at £28 per week and Wolverhampton averaging £45 per week. It is important to note that tuition fees are not included in the price of student housing. Although tuition is expensive, it is often factored into a students’ decision about where and what kind of accommodation is the best fit for them to live with the cost of living.
The different types of accommodation on offer have a big impact on how much rent might be. Some types of accommodations provide smaller rooms with shared living spaces, whereas others provide ensuite premium studios or apartments with much more living space.
Although rent is the biggest factor in how much a student is likely to pay each week, there are other aspects which can influence a student’s weekly cost of living at university such as what they spend on food, socialising and events, transport and bills.
On average, a student will spend £389 on living costs per month after rent. This includes on average £102 on groceries, £34 on takeaways and eating out, £46 on socialising, £48 on transport, £39 on bills, £17 on their mobile phone, £27 on clothes, £14 on health and wellbeing, £19 on course materials, £21 on holidays and events, £12 on gifts and charity and £7 for other things. These are all things you may need to consider when planning your finances at university.
How do students pay for accommodation?
Student accommodation can be paid in a variety of ways and in different instalments during the academic year.
A student contract typically lasts 44-45 weeks, which includes half term as well as Christmas and summer holidays. Most of the time a direct debit is set up to the residence and payments are made in termly instalments. For example, at Nido Living, rent payments require students to pay a £100 deposit upon making their reservation. After that, they will have the choice to pay their entire rent for the year up front or in 4-10 equal instalments (this is dependent on locations). The first instalment is always due before check-in at the start of term.
Start dates for paying student accommodation are usually at the beginning of term, however contract days and the length of the accommodation term should be considered when a student is planning their finances and payments.
Students can pay accommodation fees in various ways. A parent or family member might pay on the student’s behalf or a student loan can cover the whole of the duration a student lives in their rented accommodation. Some students may wish to be self-sufficient and might obtain a part-time job to help them pay for the cost of living at university. There are many ways a student can pay to go to university; there’s not one single route for everyone. It’s about what is best for you.
What To Consider When Paying For Student Accommodation
There are other costs that a student should consider when moving to university and how to pay for student accommodation. For example, at Nido, bills are included to make life a little simpler and less stressful for the students. A student can then manage their remaining money for making their time as a student a memorable one.
With a student’s newfound independence when they arrive at university, they will want to experience lots of new things which can cost money. Trips and days out exploring the new city they’re living in, going out for meals and takeaways, a TV licence if they choose to purchase one, going to the cinema and going shopping are all things students may spend money on and forget to take into account when deciding where to live.
Something else you might need to factor in when budgeting for university and planning finances is that lots of students will choose to visit home throughout the year. With this in mind, it’s good practice to factor in the cost of transport to travel back home to see loved ones during the holidays. This may include the cost of trains, buses or fuel if you own a car.
There are many helpful resources out there for budgeting your life at university and planning your money. If your ideal destination is London, check out London on a Budget: Live Economically while still having a Great Time. There’s a lot to consider when paying for student accommodation and planning your finances, but there are many helpful resources out there which can guide you as you take this exciting next step in your life.
Looking For Student Accommodation?
Your time as a student needn’t be expensive to make it a memorable period in your life. Learn to budget and factor in everything before you make the commitment to live away from home.
Studying in a new city is exciting but can be expensive – consider an accommodation that has bills included such as Nido to make life a little easier during a stressful but fun time as a student. Do your research and ensure that the accommodation you choose has great transport links if you choose to live a little further afield from your university. If you choose to live in a city, remember to factor in the cost of living, such as food, which will be that little bit higher that on the outskirts of the city.