Empiric Student Property Oust Chief Executive Paul Hadaway
13th Dec 2017
Students attending University College London (UCL) say they have managed to achieve a rent cut from their university, the first in decades.
Students say they have managed to win a £850,000 rent cut and spent the weekend celebrating the historic move around London's city centre.
Students had threatened to shut down the university on an open day over the high cost of rent, before the university partially agreed to meet their demands.
According to reports from the group UCL Cut the Rent, university managers have offered a rent cut of £350,000 to incoming freshers in 2016 and a £500,000 rent cut for those coming in 2017. This represents a cut of around 2.5% over two years.
UCL's annual accounts indicate that they have been increasing the profit made from student halls over recent years. In 2000 the university made a profit of £1.6m on its halls of residence, which has subsequently increased to £18m as of 2014.
The rent campaigners have warned the university that the recent action is just the first step and that they expect to escalate action next year as the most recent offer is still some way off the 40% reduction they were originally looking for.
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