StuRents reports that the student lettings cycle for the 2024-25 academic year has already begun in some cities, marking the earliest start ever seen. This reflects the shortage of student accommodation across the country.
Student rents have increased by more than 10% year-on-year, set against a backdrop of 6.7% general inflation. However, student maintenance loans have risen by just 2.8%.
To accommodate the rising prices of accommodation, StuRents reports that student search budgets grew on average by 7.3% in 2023-24, to £152 per week.
This imbalance between supply and demand is set to worsen, with the delivery of beds not matching the growth in demand.
Head of Research at StuRents, Richard Ward, says, 'All the early indicators suggest further substantial hikes for 2024-25'.
Find further insights on Letting Agent Today.