Student housing working to improve neighbourhoods
Photo by Buro Millennial
Student housing is no stranger to controversy. On the one hand, cities welcome the student body while simultaneously rejecting the student lifestyle. This leaves students at a disadvantage, facing community-based battles while being taken advantage of in some cities. Fortunately, some development plans are in place to address the student crisis, with certain companies leading the way in student accommodation development all over the UK.
Investment in communities
All over the UK, certain development services see the value in students. Students constitute a significant part of local economies and contribute considerable money. International students alone are responsible for a £58m net economic contribution in the UK. Some services can see the value of the student economy, which is why companies like Cassidy Group LTD invest in student developments. Just recently, Abrdn invested a huge £123m in UK student housing.
Demand outstripping supply
A housing crisis is gripping the entire nation, from London to Edinburgh. This affects not only general citizens but the student body as well. A study of London properties found 2.6 people are applying for student beds for every 1 available in the capital. The demand for student housing vastly outstrips the available supply. Development firms can’t act fast enough. Yet there isn’t enough to go around, even with vast sums being poured into student housing developments.
Better use of land with student housing
While there may be issues that can prevent new developments to meet student housing demands, there are expansions that aim to increase supply by better using available land. For example, plans have been submitted to develop on unused land near the busy M32. The plans by Godwin Developments include details of a six-storey student block with 101 rooms for rent. This will accompany real estate such as private flats and an 88-room, seven-storey hotel.
Redevelopment of underused areas
Many student developments aim to use underutilised land more suitably. Yet existing student developments are also somewhat underserved after being built. Manchester’s Victoria Point is one such example. Water damage and poor cladding have been highlighted as some severe issues. However, ambitious plans have been submitted to extend the complex by 340 rooms and address any problems existing in a scheme proposed by Empiric Student Property.
Abuse of the system increases
Britain is known as something of a student state. The UK welcomes students from all over, both domestic and foreign. However, there are issues within the UK student housing sector today. If you have ever searched the web for a house, you understand that landlords seek to maximise income by leaving sub-par homes to multiple tenants. However, even purpose-built student properties are taking advantage of some students having to pay an extra £2000 term time.
Summary
Investment in local communities is a core benefit of student housing across the UK today. Companies such as Cassidy Group, ESP and Abrdbn are spearheading investment. Such investment makes better use of land across underused areas, such as near the M32 motorway, which is seeing investment and redevelopment. However, even with such investments underway, there are those who seek to take advantage of students by charging exorbitant rent.
