Average Student Spends £12,000 On Buy-To-Let
The last thing students are probably thinking about when they rip open their A-Level results is ‘what will be the cost of their university accommodation’ over the next 3 years. However, new research by property portal Spareroom suggests that the average university student now spends at least £12,000 on rental properties during the length of their degree.
Analysing average rentals across 50 of the top universities in the country, Spareroom found that even if students pay £392 on average every month (to live in a private property let), this still totals £11,760 in 3 years.
But this is not all…
When they compared average rents between the most and least expensive universities in the UK, Spareroom recorded a £10,000 difference!
Unsurprisingly, students living in London tended to spend more on their rent, spending a total of £17,940 in 3 years (based on average rents of £598 a month).
However, the most interesting figure to come from this survey was their rental assessment of longer courses i.e. medicine and veterinary science. A student studying to be a doctor in London for example can expect to spend at least £30,000 on their rental property before they complete their course.
Luckily, students do not have to spend a fortune to attend the best universities:
- Queen’s, Belfast – £273 a month (£8,190 3 years)
- St Andrews – £320 a month (£9,600 3 years)
- Durham – £329 a month (£9,870 3 years)
- Lancaster – £351 a month (£10,530 3 years)
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Tags: property let, property portal, rental properties, rental property
One Response to “Average Student Spends £12,000 On Buy-To-Let”
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Even if you split these into their yearly profits, the rental returns are still not bad, especially as you’ll have more than 1 student living in each property