Student rent has increased almost 20 per cent over the last year.
In data released as part of the 2021 NatWest Student Living Index there has been a steep increase in student rent bringing the average monthly cost to £518, an increase of 18 per cent from 2020.
The biggest increase can be found for students in Leicester, who have been hit with an £188 rise for their average monthly rental costs.
London retains its title as having the most expensive rent for students, despite a significant fall of nearly £100 a month from its 2020 heights. London students can expect to pay around £619.90 a month on rent.
The capital is currently the only UK city where student spend or costs outweigh their income.
The NatWest Student Living Index surveyed more than 2,300 students across the country.
Students were asked a range of questions, on fraud and scams, on how much they spend on essentials such as food, rent and bills, and how much time they spend studying, working and socialising. The full 2021 NatWest Student Living Index will be revealed tomorrow.
The majority of students’ income continues to come from their student loan.
However, this has dropped slightly since 2020, as contributions from parents and personal savings have gained importance in financing student lives – a reflection of more students living at home last year. This has also meant that now only one in seven students rely on their own income to pay for their rent, compared to one in five last year.
Budgeting continues to be a challenge for many students.
Whilst 84 per cent of students consider themselves sensible with money, one in four say they ran out of money every month, and one in five say that they don’t save any money at all.
Andy Nicholson, head of NatWest student accounts, says: “Increasing student rent puts even more pressure on student finances.”