Rising rents forcing students into financial hardship

The cost of living in the UK has been a topic of concern for many individuals and households in recent years. The cost of living crisis that the UK is currently experiencing may be its worst ever, which has a significant impact on college students, particularly in terms of accommodation. 

London is one of the costliest cities in the world to live. College students face higher accommodation costs these years. The cost of renting accommodation, both on-campus and off-campus, has been increasing at a fast rate.

This means that a larger portion of a student’s budget needs to be allocated towards housing expenses, leaving less money available for other essential needs such as food, entertainment and transportation.

As the cost of living rises, individuals may be forced to cut back on living expenses, reducing college students’ overall standard of living. People may have to forgo leisure activities, delay important purchases, or reduce spending on other essential services.

The high cost of accommodation also puts a strain on students’ finances. Many students have to take on part-time jobs to alleviate the burden on their families and the expense of living in London. This can lead to increased levels of student financial stress, which can negatively impact their overall well-being and academic performance.

Kevin, a second year student studying at UCL, has a deep understanding of this. “The rent for student accommodation rooms in London is rising year after year, and the price increase is bordering on absurd.

“The accommodation fee I paid this year is £1,500 more than last year. Starting from January this year, I working part-time at Chinese restaurants in my spare time to earn living expenses, which can ease some of the financial stress.”

A limited supply of affordable housing is also forcing up the cost of living. This shortage can make it difficult for students to secure suitable living arrangements near their colleges or universities. It can lead to increased competition for housing and the potential for overcrowding or substandard living conditions.

To save money on rent and other living expenses, some students are forced to relocate far from the university. They can live in larger, more comfortable homes for the same rent as compared to paying high amounts to be closer to college, but this will also increase the cost of commuting.

Jones, a student at King’s College London, said: “During my first year, I resided near Waterloo which was not far from the school. I walked to the campus in just five to eight minutes. I had to relocate to Tottenham, North London, last year because of the high rent, a lack of suitable rooms, and rising living expenses.

“There, I can live more comfortably and the houses are comparatively less expensive.”

He told me that his first year of rent in London was £350 per week, but now it has been greatly reduced to only £305.

The cost of living crisis has far-reaching implications for individuals and society as a whole.

To address its impact on college students, it is crucial for universities and policymakers to prioritise affordable student housing options, increase financial support through grants and scholarships, and provide comprehensive student support services to help alleviate the financial and mental health burdens faced by students.

Feature image by ESB Professional from Shutterstock