The National Union for Students (NUS) has found that the annual cost of student accommodation in the UK stands at £7,374 on average.
This figure is pretty high, but not to worry – selecting the most affordable type of accommodation is part of your budgeting and can help to reduce your rental costs.
Choosing affordable accommodation is about looking for something that gives you as much as you want within the money you can afford.
So, which accommodation is the cheapest?
Within this blog, we will discuss the different types of student accommodation and which is the most affordable for your budget.
Types of student accommodation
There are three types of student accommodation to choose between that vary in affordability.
University halls of residence
This accommodation is most favoured by first-year/freshers’ students.
University halls are ideal for those living away from home for the first time as they provide independent living without the extra hassle of bills and estate agents.
Uni halls are owned and managed by the university. Typically, students pay for a bedroom and shared communal spaces such as a kitchen/lounge area – prices vary depending on the facilities offered. For example, average halls with shared bathrooms and basic rooms will cost the least and en-suite rooms will cost more.
Privately rented accommodation
This option is most popular amongst second or third-year students who’re more confident with the idea of independent living and who often want to live with friends they have made at uni.
It is also used by first-years that were late in applying. These students may need to consider privately rented accommodation if university halls are full.
With a private rental, you’ll rent a house or flat with your friends or other students from an estate agent or landlord.
In some cases, landlords offer inclusive rent that includes bills as part of your weekly payments. However, some expect you to pay for utilities separately, which is an extra hassle.
Student houses/flats are usually older, less regularly maintained and provide basic amenities such as beds, wardrobes, and kitchen facilities. So, they’re not the most luxurious option.
However, they’re located in affordable student areas close to the university or transport links which is convenient.
In Liverpool, rent is statistically cheaper for those living in privately rented accommodation, with students paying between £25 and £70 less than in university halls of residence.
Privately owned halls of residence
This accommodation is a popular choice for any student, regardless of their year of study, especially international students, who can have more disposable income or students that want a more luxurious home.
Private halls are similar to university halls, except they’re managed and owned by independent firms – students pay inclusive rent covering their room and utility bills.
Many new private halls are incredibly modern and filled with amenities such as flatscreens, new kitchen appliances and furniture, gyms, games areas, and chic décor. Additionally, a wide selection of room types is available, including en-suite and studio apartments that offer students their own kitchen space.
However, these luxuries come at a price – privately owned halls are the costliest type of student accommodation.
On average, private halls are 24% more costly than uni halls – if you’re depending solely on your maintenance loan to cover your rent, you will have to budget well when it comes to food and socialising.
Which accommodation is the cheapest?
Privately rented accommodation, such as a house or flat share owned by a private landlord is typically the most affordable option.
As private rentals are usually located further away from the city centre and aren’t as modern, they won’t charge the same premiums as university halls of residence and private halls.
However, if you need modern luxuries and have the budget to do so, then spending more on privately owned halls of residence is generally a better option for you.
Book your accommodation viewing with Caro Lettings
At Caro Lettings, we have a selection of affordable student accommodations in Liverpool.
We’ve ushered in a new way of student living that’s modern, vibrant and caters to the 21st-century student – choose from stylish student houses to contemporary apartments located in Liverpool city centre.
Whether you’re looking for a place with your friends or just yourself, we have the perfect accommodation for you.