If you are a student who still looks for cheap accommodation in London, there are three ways that would cost more or less expensive than each other.
These comprise accommodation provided by university halls of residence, private student residences and rental units. The student accommodation sector will likely reach £53 billion in value for this year, so finding an affordable place to stay should be easier due to more projects delivered in 2018. In fact, a report showed that total supply during the previous year consisted of more than 627,000 of purpose-built spaces.
Private Student Residences
A standard private room in London costs between £160 and £250 per week, inclusive of all bills unless otherwise stated by the provider. En-suite rooms cost a weekly rent from £160 to £280 each, while studio apartment rates are the most expensive from £280 and £500 every week.
Private student housing is common in the capital city. There would be 36,000 new rooms to be added for this year, including private spaces. However, not many could afford the steep rates, even if they are ideal for those who want privacy yet still wish to stay near their school. In this case, it may be better to find a rental unit in your university’s hall of residence.
Boarding School Accommodation
University halls of residences are slightly cheaper than private units, but you save money from transportation since you live within the campus. International students are particularly fond of this option. A week’s rent for a standard room costs between £135 and £210. En-suites range from £130 and £260 per week.
If you can find a studio apartment that has a £140 weekly rent, that would be a good deal. You should expect prices for a studio to cost up to £340 per week. Some universities even offer twin rooms and accommodation for families depending on the availability.
Properties For Rent
Location will be a huge factor for the cost of rental accommodation in London. You could be lucky to find a small studio apartment that only has a weekly rent of £120, but this may be too far from the city centre. On the other hand, a rate of more than £1,000 every week is just too much even for a strategic location.
A shared-house scheme will cost around £150 on average per room every week, although that price in a popular area would attract a lot of applications. Hence, competition is very much likely from other students. Whichever you choose, it is important to review the agreement’s terms and understand your rights as a tenant. When in doubt, consult an expert in leasing deals from your university before signing a contract.
While London is an expensive place for housing, the increasing demand for student accommodation led property developers and universities to come up with affordable options. These low-cost properties are even located at the heart of London, where other tenants such as young professionals live near their place of work. How much are you willing to spend on student accommodation in the city?