Affordability is the most important issue facing students when renting, according to the latest UK student accommodation survey.
The study, undertaken by Knight Frank, in partnership with UCAS, found that affordability and value for money are the most important factors influencing decisions on where to live.
According to the survey, on average students living in privately rented house shares are paying £6,130 per annum for their accommodation, while those living in university-operated accommodation are paying an average of £7,550 a year.
Students living in private purpose-built student accommodation are paying the most on average at £7,990 per annum for their accommodation.
The single most important factor influencing the choice students make about where they live is value for money, with 98% of respondents rating this as being important to them. Just under half - 49% - said it is “extremely important”.
Some 68% of students identified affordable living costs as being ‘very important’ with regards to their overall wellbeing, whilst the standard of accommodation was also recognised as a key factor, with 82% identifying it as either “important” or "very important".
James Pullan, global head of student property at Knight Frank, commented: “Affordability is, once again, the number one issue facing students, whilst value for money is the most important factor influencing decisions on where to live.”
He added: “The role that student accommodation plays in supporting wellbeing, is also reinforced, with the survey highlighting the importance that students place on the quality and usability of the social and amenity space provided.”