The firm analysed postcode rental data and looked at the current cost of renting surrounding each of the UK’s top 50 universities based on all rental property types. UniHomes then incorporated data (from September 2020) looking at the average monthly cost of living for students at each university. This was based on a range of factors including groceries, takeaways and eating out, socialising, transport, bills and course materials.
The research shows that the average rent in Liverpool’s L7 postcode, home to the University of Liverpool, is £489 per month. The cost of living for students at the university is estimated at £405 per month, making the university the most affordable in the UK with a monthly total of £894; or £206 per week.
The second most affordable major institution for higher education is the University of Leicester. It typically costs £550 to rent in the LE1 postcode, with a £283 monthly cost of living bringing the cost of opting for Leicester to a total of £894 per month; or £215 per week.
The Universities of Durham (£935), Lincoln (£942) and Aberdeen (£995) also rank high for student affordability, with the cost of living and accommodation coming in at less than £1,000 per month.
Lancaster, Aston, Leeds, Birmingham and Newcastle also rank within the top 10.
With students often struggling to make ends meet, universities that are home to a low cost of living offer an appeal above and beyond a good degree. Not only is it easier to make ends meet, but it also improves the social aspect in terms of their disposable income and, as we know, this is also an incredibly important part of university life.
Phil Greaves, Co-Founder of UniHomes, commented: “Going to university isn’t cheap these days, especially when you take tuition fees into account for students outside of Scotland.
"While Covid-19 restrictions have been problematic for many students, demand for university places has climbed as many have had to scrap their plans for a gap year spent travelling or otherwise.
"Higher demand will generally mean an increase in rental prices and so it’s perhaps even more important for students to consider the cost of living during their decision-making process in the current landscape.
"In terms of the number one spot for student affordability, the University of Liverpool tops the table with the best mix of low-cost accommodation, a lower cost of living and quality education.
"However, wherever you choose to rent it’s important to remember that the cost of renting differs depending on location. Research is key for those looking to secure a rental property when looking ahead to the start of their academic year and you can dramatically reduce your outgoings by opting to rent in the right places.”
