Moving on to University is an exciting new phase of life and a baptism by fire into the world of adulthood, moving away from home and having to learn to fend for yourself. For parents on the other hand, its is a constant source of worry and a drain on the bank account, particularly the costs of student accommodation.
Halls of Residence Replaced with Halls of Decadence
Student accommodation used to be small, basic rooms with access to shared bathrooms that were usually situated on the University campus. Washing clothes meant a visit to the laundrette and nutrition often consisted of beans or toast or toasted sandwiches with increasingly inventive fillings.
This doesn’t seem to be the case anymore, the accommodation I have come across recently better lends itself to the pages of glossy magazines, advertised as serviced accommodation for business travellers and tourists. But this is not the case these luxury accommodations are aimed at students.
Luxury Student Accommodation is a Growing, Guaranteed Market
Luxury student accommodation is a rapidly growing sector as we see private developers and buy to let landlords snap up city centre buildings for redevelopment. Student letting is not only a relatively safe investment but it also has the potential of huge returns thanks to using government loans and parents funding rental payments.
City Letting Agents are in on the act too taking their slice of the profits of this new wave of luxury student accommodation. With an almost guaranteed tenancy from an ever existent target market year on year the landlord opportunities are evident. A sound business opportunity.
University Competition Fuels Demand
The competition between Universities to attract students and the loan income that they provide almost guarantees the momentum of this luxury student accommodation market. They are advertising the student experience like never before and part of these campaigns focuses on accommodation to enhance the student experience. Some are even offering free upgrades to luxury student accommodation to attract the best A level students.
This new wave of luxury serviced accommodation is not reserved for our Capital either. There are luxury student lettings in Southampton, Liverpool, Birmingham, Cambridge and many other university locations. This article in the Telegraph gives an insight into some of the student posh pads all around the country and is aptly titled Luxury Student Accommodation: Try not to be sick in the sink.
Government Digs for Politicians
The flip side of these designer digs for students is that should the luxury serviced accommodation ever lay empty they could become useful for the Government to house politicians, a perfect solution to the current crack down on second home allowances. The members of our cabinet are certainly not up to date if they think that student style accommodation would be slumming it, which is what they are suggesting. Order! Order! Ladies and Gentlemen.
What do you think of these posh pads? Are they are concern for growing student debt? Let us know in the comments.