Once upon a time, student accommodation was all bare rooms and tiny shared kitchens, but these days, it’s not what it used to be – and many undergraduates are enjoying life in the lap of luxury. Think plush, state-of-the-art apartments and houses, kitted out with everything from flat-screen TVs to Oliver Bonas homeware – and in the really extravagant ones, you might even find a fitness centre, games room or private cinema.
For students from affluent families, there’s no such thing as surviving off 20p noodles, and for homes like this, they might pay upwards of £10,000 a year for the privilege. The idea of students living in such lavish abodes might seem preposterous, but many parents – and the students themselves – see this as an investment in their futures, providing them with a stylish and serene environment in which to both study hard and unwind at the end of a long day and thus promoting productivity and supporting stress relief.
Although there’s no denying that these accommodations look rather opulent, looks can be somewhat deceiving, as while there’s no denying that many of the amenities are on point, the level of provision is perhaps lower than one might assume. The industrial look is popular and cheap to achieve, making it an obvious choice for property owners, leaving impressive extras like smart home systems and hot tubs to do all the talking. Think exposed brick and pipework, pendulum lighting and retro soft furnishings, with carefully chosen accents bringing the whole look together.
In London, flats like this are snapped up by the discerning student for around £300 a week, but living in such sophisticated surroundings comes at a greater cost than this alone. In fact, many experts believe that living in such high-end surroundings could be having an impact on students’ wider lifestyles and encouraging them to splurge more on their weekly food shops (M&S and Waitrose, of course), eating out at sought-after dining spots and regularly hitting some of the swankiest bars in the city.
When you don’t have a job to support yourself, all that spending can mount up quickly, and while many wealthy students continue to be financially supported by their families, others may find that maintaining such a lifestyle for the full duration of their degree – and in some cases, post-graduate study too – is a tall order.
As if student debt wasn’t enough of a burden as it is, luxury accommodations and the extravagant lifestyles to match are adding another dimension to the problem, layering on top of skyrocketing tuition fees and loans, and the general rising cost of living overall.
And at some universities, opulent accommodation isn’t just an option for the affluent, but the only choice there is, which leaves students without the means to pay for such luxuries in more debt still.
While historically, student accommodation came mostly in the form of on-campus halls of residence that frankly, left a lot to be desired in terms of both the aesthetics and amenities, these days, private developers are buying up huge blocks and turning them into these plush new apartments, which are often owned by shareholders. Today, purpose built accommodation blocks account for around 517,000 student beds in the UK – which shows what a rapidly growing sector it really is.
Because students from all walks of life are either funded by their parents or use student loans from the government to cover their costs, it’s seen as a relatively safe investment – and a highly lucrative one, at that.
Being able to sell a luxury lifestyle as part of the student package has become invaluable to universities, as competition to lure in students and secure the best talent remains fierce. Sweeteners like these can make all the difference and many institutions are leveraging them for precisely this reason.
When you consider the fact that students are having to pay considerably more to attend university these days than in the past, it perhaps stands to reason that they want to feel like they’re getting something in return – in this case, better accommodation and a nicer lifestyle – but come graduation day, they are often left with an eye-watering bill to pay, just as they are looking to begin life in the dog-eat-dog working word and get a foot on the career ladder, with starting salaries often low.
Student rent has more than doubled over the past ten years, far outrunning the effects of inflation. Granted, student numbers are at an all time high and the need for accommodation blocks remains high, but there’s a clear necessity for more affordable alternatives too for those who don’t have the luxury of the ‘bank of mum and dad’ to rely on.
In truth, it’s just a small and privileged minority of students who are happy to pay exorbitant private rents – but if you’re one of them, then a truly extravagant university lifestyle awaits.
