The shortage of student accommodation in the UK property market is “a problem that is not going away” according to the latest report from Higher Education Policy Institute (HEPI) as even at the historically low population of students during the pandemic in 2020, demand for student-friendly homes was “increasing at more than twice the rate of supply”.
According to the latest report from the Higher Education Policy Institute (HEPI) the drastic shortage of student accommodation in the UK is a problem that is “not going away” and has continued to be a consistent problem for many years, with even the dramatically low population of students throughout the 2020 pandemic creating such high demand for student accommodation that it was “increasing at twice the rate of supply” across the country.
HEPI have also stated that viability of delivering new Purpose-Built Student Accommodation (PBSA) in the UK has been significantly damaged following the impacts of Brexit, the pandemic, and inflation rates, which has meant that students are no longer able to rely on their chosen universities to supply them with accommodation throughout their studies despite this being the expected norm and having been so for decades.
In September 2022 there were various reports in the media of students having enrolled into universities that could not provide adequate numbers of accommodation to their new students, and instead, recommended them housing in alternative cities and suggested a daily commute to their studies. One of the most reported on at the time was the controversy around students that had enrolled at both the University of Manchester (UoM) and Manchester Metropolitan University (MMU) that were then being offered housing in Huddersfield and Liverpool – a daily commute of one and a half-hours and two-hours respectively, for students that had been sold on the idea of living just minutes from their studies in the city they had specifically chosen.
“Accommodation is also a critical factor in establishing with students the sense of belonging.”
As a result of the student accommodation crisis here in the UK and the declining interest in building more PBSA from institutional investors who “do not appear to be taken in by the optimism of others”, the student population are desperately searching for accommodation in alternative markets, such as PRS, where they are regularly denied accommodation due to their student status.
In order to meet the incredible demand for student-friendly properties in Manchester and the surrounding area, we have worked with our tenants to create a tenant-centric development that will not only house the young professionals and lifestyle renters of the city, but also the students who are searching for a home close to their studies.
City Co-Living MediaCity will provide the students and young professionals of Manchester and Salford with a never-seen-before approach to co-living that provides each individual resident with their own apartment – complete with bedrooms, bathrooms, kitchens, and private spaces – with the addition of communal amenities and facilities to use at their discretion, when they choose to be sociable within the community the building will foster.
Residents will be able to wake up, cook their breakfast, and dine in their own apartments, before going down to the co-workspaces to begin their day of study or work, and even book a private meeting pod if they so wish, with many other on-site amenities for them to access including a media room, rooftop terrace, residents’ lounge, gym and fitness studio, bookable private dining rooms, and more.
With such a high demand for student-friendly properties in Manchester and Salford, now is the time to capitalise on that demand, and provide an alternative accommodation to PBSA that not only provides residents with everything they could need, but also considers their well-being and creates a community for them to become a part of.
To learn more about City Co-Living MediaCity and how you can invest from just £144,950 in the future of the UK rental market, get in touch with our expert team of property consultants or call them directly on +44 (0) 161 791 4600 today.