Private rented sector harnessing student boom
Student accommodation in the private rented sector has emerged to become an important source of rental demand – and much more than a niche property market, a new report claimed.
A recent report from property consultants King Sturge showed that in London and elsewhere students were among the most active renters, commanding over £700 million in property transactions over the past year.
London has over 250,000 full-time students in more than 20 institutions the report claimed, with increasing numbers of national and foreign students in the capital leading to high demand for both university halls and private rented sector accommodation.
Philip Hillman, national head of King Sturge's UK student accommodation group, said: "This year we have recorded a strong increase in the number of privately developed, purpose-built beds, up by 36 per cent since 2005 to more than 123,500.
"It is clear that the sector is entering a new phase of university-led development and refurbishment of existing stock, alongside an increased focus on the provision of premium accommodation for overseas students in major European university centres."
He added that significant opportunities for developing further student-focused rental accommodation were still a possibility in London, but explained that a strict planning regime may prevent supply from increasing to the levels it potentially could.
Published 6th February, 2008
© 2008 Estates IT Limited
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Student accommodation in the private rented sector has emerged to become an important source of rental demand – and much more than a niche property market, a new report claimed.