It’s no secret to anyone, that being a student in this day and ages is a financial strain. Debt for students mounts up over the course of their studies with tuition fees, paying off student loans, possible over drafts and not to mention rent.
With the growing population, various political influences such as Brexit, and loan debt, rent is becoming problem that’s hard to ignore for students.
According to UCL, the average cost of rent for students in London £210 per week out of a total £386 of debt. The average rent per year is £10,920. Rent is the most expensive expense for those who study in the capital.
Most students have to flat share to be able to afford rent. Lisa, a LSBU student said, “my rent is quite expensive, I had to rent with two friends to be able to afford a flat”.
Letting Agent Today have said there has been a 2% rise in rent prices. Martin Totty, chief executive at HomeLet when speaking about rent in the UK “Average UK-wide rents continue to increase year-on-year broadly in line with the current rate of inflation and the growth in average wages, meaning affordability in most parts of the country is little-changed.”
Unfortunately, HomeLet didn’t include all students in their statistics. Not all students have a job due to having a full-time course, so they don’t earn an average wage. But the increase in rent overall will affect students as well as the general public
Studies by VOA, ONS, Scottish and Welsh Government show that the average rent for a London one bedroom is well over the 30% recommended threshold for how much rent should take up the average wage. London rent takes up too 50% of the average rent.