Thinking about the cost of living and how much student accommodation will set you back can be scary and emotionally overwhelming. Money issues are actually a major concern amongst students, with almost two-thirds of students missing out on social activities with friends and 46% are afraid to check their bank balance.
In the UK, the cost of student accommodation massively varies depending on the location, accommodation type, and what’s included in your rent. Ultimately, having knowledge and planning your finances plays a huge role in helping you avoid money-related stress.
This guide is here to help! We’ve broken down the average costs, what to keep in mind when choosing your accommodation, and the other expenses you’ll need to budget for as a student.
The cost of student housing varies depending on location, type, and amenities. A general rule of thumb is that student accommodation inside of London costs considerably more than student accommodation outside of London.
In fact, a 2024 accommodation survey conducted by Hepi revealed that students pay roughly £283 per week on purpose-built student accommodation in London.
Approximately it costs £226 per week for university-owned accommodation and £341 per week for private accommodation providers.
For any area within the UK, prices will fluctuate depending on the quality and proximity to the campus or city centre. Northern locations, like Liverpool and Ormskirk, become very popular with students due to lower costs.
The table below shows the most affordable locations in the UK for students, according to the NatWest Student Living Index 2024:
Most student accommodation contracts last between 40 and 48 weeks to cover the academic year. However, some extend to 51 weeks for students needing accommodation during the summer. Be sure to check the duration of your contract to avoid unexpected costs and ensure you can budget for the entire term's rent.
We also advise keeping in mind that, depending on the accommodation type, the accommodation could be left to non-students during the extended period, so you should speak with your accommodation provider or landlord to discuss this should it be a concern.
Student housing fees often include utility bills such as water, electricity, and internet. However, private rentals may charge extra for these services.
Always check your contract to understand what's included. Many university-owned accommodations also require a security deposit, typically equivalent to one month’s rent, which is refundable at the end of the tenancy if no damage occurs.
It's important to note that this can vary from company to company and there may be different options that you can choose from.
Here are some other costs to consider:
When factoring in rent, utility bills, and living expenses, the average living costs for a student in the UK are approximately £12,000 to £15,000 per year, depending on location and lifestyle. These expenses can vary based on whether you live in a shared house, halls, or private accommodation.
Weekly expenses for students, including rent and living costs, average between £250 and £300. This figure includes accommodation, food, transport, and other necessities.
Many students rely on additional funding, like a maintenance loan, to cover these living costs but it might not always be enough.
There are various ways that you can manage your costs and improve your student living. This way, you’ll not need to miss out on important events, nor will you have to worry about having enough money at the end of the month. Here are some simple tips to get you started:
Managing the costs of student accommodation can cause a lot of worry, especially when maintenance loans don’t always cover everything. That’s why we make life easier at Stockton Students with our all-inclusive accommodation options.
Ready to find your perfect student home? Give us a call at 03301 359065, drop us an email at info@stocktonstudents.co.uk, fill out our quick online form, or request a room viewing.
