David Feeney of Cushman and Wakefield joins the Accommodation for Students team to discuss their 2023 report. It covers the key trends impacting students and the Purpose Built Student Accommodation Sector.

1. STUDENT
ACCOMMODATION
ACCOMMODATION FOR STUDENTS, 16TH NOVEMBER 2023

2. STUDENT
ACCOMMODATION
2012/13 to
2021/22
Growth
London 79,320 29%
Glasgow 22,155 44%
Bristol 21,915 59%
Durham 8,185 63%
Hatfield 5,775 30%
Southampton -2,125 -7%
Canterbury -540 -2%
2,226,580 full-time students
11 locations +10,000 since
2012/13
7 locations now home to
over 15,000 Chinese
students
113,635 more UGs at
Russell Group institutions
Only 32,490 more at post-
1992s
110,750 more PGs at post-
1992s
Source: HESA, adapted by Cushman & Wakefield

3. STUDENT
ACCOMMODATION
JUST 12,195 NEW BEDS FOR
2023/24
NET INCREASE IS FEWER THAN
9,000 BEDS
MEANS NEW DELIVERIES ARE
JUST 13% OF ANNUAL DEMAND
POOL GROWTH
BED

4. STUDENT
ACCOMMODATION
DEMAND POOL
1.5 Million
50% IN 12 TOWNS & CITIES
DEMAND GROWTH
300,000 MORE
STUDENTS NEED
A BED
ACROSS THE 70 MAJOR
TOWNS AND CITIES
BED GROWTH
200,000 NET
CHANGE IN PBSA
BEDS
280,000 NEW BEDS DELIVERED
NATIONAL SBR
2.1:1
100,000 MORE STUDENTS
CAN’T ACCESS A BED
DEMAND VS
Source: Cushman & Wakefield

5. STUDENT
ACCOMMODATION
Source: Cushman & Wakefield
KNOW YOUR MARKETS!
SHEFFIELD HEADROOM
DOWN 7,465
CANTERBURY DOWN 4,785
LONDON HEADROOM UP
32,315
STUDENT TO BED RATIOS

6. STUDENT
ACCOMMODATION
FLIGHT TO QUALITY
54,000 MORE
RUSSELL GROUP
UNDERGRADUATES
SINCE 2017/18
ONLY 630 MORE AT POST-1992
FORMER POLYTECHNICS
CHINA
43% OF ALL
INTERNATIONALS
ACROSS
RUSSELL GROUP
ONLY 9% OF INTERNATIONALS
AT POST-1992s
AGE
OVER 75%
CHINESE <23
OVER HALF OF INDIANS &
NIGERIANS >25
2023/24
9% FALL IN
CHINESE
ACCEPTANCES
UKs DOWN AS OTHER
NATIONS RISE
DEMOGRAPHIC
Source: HESA, adapted by Cushman & Wakefield

7. STUDENT
ACCOMMODATION
LOCATIONAL
Source: HESA, adapted by Cushman & Wakefield
5,425
-670
685
1,600
85
755
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
Area A Area B
CHANGE
IN
STUDENTS
China India Nigeria

8. STUDENT
ACCOMMODATION
Source: Cushman & Wakefield
RENTAL GROWTH
19.42%
26.46%
13.42%
11.26%
+54%
+30%
-60%
-25%
+1.19%
+3.58%
+29%
+30%
A NUMBER OF MARKETS HAVE
DEVIATED FROM MARKET
EQUILIBRIUM IN A SHORT PERIOD OF
TIME
SIGNIFICANT HEADROOM GROWTH
AND ABSENCE OF NEW DELIVERIES
HAS DRIVEN HUGE RENTAL GROWTH
IN SOME LOCATIONS
ABSORPTION ISSUES AND MUTED
NUMBER GROWTH IMPACING SOME
MARKETS
SBR
=
2.1
SBR
=
2.4
SBR
=
2.0
SBR
=
2.9
SBR
=
1.4
SBR
=
1.5

9. STUDENT
ACCOMMODATION
LIMITED TO 10% OF THE MARKET
2/3 PRICE CHANGES IN PREMIUM STOCK
MOST SIGNIFICANT INCREASES RESTRICTED TO
“UNDERPERFORMING” & “RECOVERING” MARKETS
PRICES GO UP AND DOWN!
DYNAMIC
Source: Cushman & Wakefield

10. STUDENT
ACCOMMODATION
MARKET IS NOT A BED
AT ANY PRICE!
SOME PROVIDERS
MAY HAVE PUSHED
TOO FAR
UNFILLED UNIVERSITY
BEDS
UNFILLED
Source: Cushman & Wakefield

11. STUDENT
ACCOMMODATION
Source: Cushman & Wakefield
2.8% LOAN INCREASE VS 10.4%
DIRECT-LET INCREASE
AFFORDABILITY
PARENTAL EARNINGS THRESHOLD
£25,000 BUT AT INFLATION RATE
£36,500
VIABILITY AT A MINIMUM £170 P/W
FOR AN EN-SUITE

12. STUDENT
ACCOMMODATION
Source: Cushman & Wakefield
AFFORDABILITY
ALL BEDS AVERAGE -
£167.93
NEW BED AVERAGE -
£205.39
22% HIGHER!
ALL BEDS AVERAGE -
£107.76
NEW BED AVERAGE -
£110.60
2.6% HIGHER!

13. STUDENT
ACCOMMODATION
Source: Cushman & Wakefield
HUGE DIFFERENCES IN STUDENT
SUPPORT ACROSS UK NATIONS
ENGLAND HOME TO THE FEWEST
NUMBER OF AFFORDABLE BEDS
AFFORDABILITY CONCERNS ARE NOT
YET SHOWING IN TERMS OF 2023/24
ENTRY DATA
49%
62%
22%
98%
17%
AFFORDABILITY

14. STUDENT
ACCOMMODATION
Source: Cushman & Wakefield Student Accommodation Tracker
AFFORDABILITY
LACK OF SUPPLY RESULTS IN HUGE
DIFFERENTIALS BETWEEN
UNIVERSITY AND PRIVATE SECTOR
BEDS
BRISTOL DIFFERENTIAL 1,000%
TIMES HIGHER THAN PEER GROUP
AVERAGE
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
(£40.00)
(£20.00)
£0.00
£20.00
£40.00
£60.00
£80.00
£100.00
£120.00
£140.00
%
DIFFERENTIAL
PRICING
DIFFERENTIAL
Uni vs Direct Let % difference

15. STUDENT
ACCOMMODATION
Source: Cushman & Wakefield Student Accommodation Tracker 2023/24
AVERAGE AMENITY PER BED
CONTINUES TO GROW
SCHEMES WITH QUALITY AMENITY
OUTPERFORM THOSE WITHOUT
10-YEAR RENTAL GROWTH FOR
QUALITY AMENITY SCHEMES 37.07%
VS 27.47% FOR THOSE WITHOUT
AMENITY

16. STUDENT
ACCOMMODATION
POLICY
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
Glyndŵr Teesside East London Bedfordshire Anglia
Ruskin
Northampton
NIGERIA/INDIA
AS
%
OF
ALL
PGTS
-
2,000
4,000
6,000
8,000
10,000
12,000
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
NUMBER
OF
PGTS
PGTS
AS
A
%
OF
FTS
% Number

17. STUDENT
ACCOMMODATION
DEGREE
BREAK THE UNQUESTIONABLE
BELIEF BETWEEN GOING TO
UNIVERSITY AND SOCIAL MOBILITY
TWO UNIVERSITIES FAIL
CONTINUATION RATE THRESHOLD OF
OFS
OTHER MEASURES (£££) DO NOT
CONSIDER WIDER SOCIAL VALUE
0
100000
200000
300000
400000
500000
600000
Russell Group Post-1992 (former
polytechnic)
Other post-1992 Other
STUDENTS
Continuing students Students transferred to other provider No longer in HE

18. STUDENT
ACCOMMODATION
Source: Cushman & Wakefield
AND

19. STUDENT
ACCOMMODATION