One of the biggest stresses for anyone leaving the nest and heading off to university is student rent. In this guide we offer some useful tips on managing your finances intelligently and making the university experience more affordable across the board.
In the heart of beautiful Cheshire, Chester is a historic Roman city with a renowned university popular with students from around the country. If you are looking for student accommodation or shared student housing in Chester, we are here to find the right property for you. If you are looking for student rentals near Chester city centre, we offer a selection of professionally managed landlord services in the historic quarter, a stone’s throw away from the campus.
You should be clear from the beginning about whether in your first year you are looking for official student accommodation in halls of residence or a home in the private rental market. Many students live in halls of accommodation in the first year before teaming up with friends and sharing in privately rented houses from year 2. To get an idea of regional variations in student rents, consult the UCAS accommodation search.
Paying for accommodation
For students up and down the UK, rents take up a large chunk of their loans, and in some cases that financial support may not be enough in itself. For many students, 50% of living costs at university will go towards rent payments. Whilst this may sound unnerving, it is achievable if you stick to a carefully planned budget.
If you find your loan does not cover the rent it is worth checking if you eligible for a bursary, whether family members can support you or whether you can top up your income with a part-time job. In some instances, it may be worth shopping around for a cheaper rent further away from Chester city centre.
Smart budgeting
Many young people leaving home for the first time won’t have felt the need to budget before and it may seem daunting to begin with. Budgeting involves working out what you can afford and prioritising what you have. We advise you write a list itemising everything you’re likely to spend in an average month, matching up income with outgoings. This will ensure you know how much to set aside for rent and bills and how much to allocate to other essentials such as food, transport, and university course materials. There will be situations in your social life where you have to make choices and sacrifices and decide what is more affordable. This is why it is crucial you plan and plan well in advance.
How much is the average student rent in the UK?
According to the latest 2024 data, collated by the National Union of Students (NUS) and Unipol, the average student rent is now £7374 per annum across the UK, rising to £9,488 for students in London. Behind the headline figures, there are not only widespread regional differences but also disparities in terms of the type of property rented out. In 2023, someone could expect to pay an average £6,593 for university accommodation but £8,002 for a direct let from a private landlord.
As a rule, accommodation found in town or city centres costs a lot more and there could be big differences between a humble terraced house and a more modern property or gated community with additional luxury features such as large shared spaces, en suite bathrooms or gym access.
How much rent should I be paying as a student?
In Chester, the average student rental costs work out at somewhere between £80-150 a week, sharing a house with others. The monthly average has been estimated at circa £520 a month, but check with your accommodation provider for the latest figures.
Other bills
Whether utility bills are included in rents will depend on the type of accommodation you go for, whether you are sharing and how you are sharing. These bills will typically include gas, electricity, water and broadband expenses.
Advice
If you are anxious about the costs of student life and whether you can afford it, there are dedicated and confidential counselling services on hand at all universities to offer you advice and guide you through different options.
If you are set on university life in Cheshire, Bed Student Rentals offer a selection of properties to meet your needs, including a selection of bills-included student accommodation in Chester which take the stress out of money management. Contact us today to set up an appointment with our team.
Written by Henry
