StripeHomes has been covering the recent Knight Frank Student Accommodation Report.
And whilst everyone rushes to cover the headlines when a big report such as this is release – it can mean that some interesting nuances can go unnoticed.
However, in a competitive market it is these nuggets of insight that can help developers to set themselves out from the competition and offer something different to investors, partners and the community.
Here are nine things you might have missed from the UK Student Accommodation report:
- Most students are satisfied with their accommodation and would recommend it to first-year students. The challenge for developers and managements firms is how to sustain and differentiate their offer.
- Dissatisfaction among students living in PBSA from private providers stated the number one issue was it not being value for money.
- 48% and 30% of students living in private PBSA raised the atmosphere and social environment provided within accommodation was important to their happiness and extra-curricular activities are welcomed by students.
- Value for money is the biggest factor influencing a student’s choice on accommodation. It’s worth noting students are willing to pay a premium for certain features and amenities.
- For providers brand recognition and reviews of accommodation by other students are both factors influencing a student’s decision.
- The PBSA sector is evolving and investors, developers and operators will need to concentrate on the affordability and how costs feed into where students study in the UK.
- Accommodation is the most important factor influencing student wellbeing, ahead of pastoral support or a good campus environment.
- Creating environments that allows students to build relationships and combat loneliness is vital to them getting the most from their experience.
James Forrester, managing director of StripeHomes, said: “As we can see from the Knight Frank report on UK Student Accommodation the requirements set out by students goes well beyond simply bricks and mortar.
“As a developer we take community and wellbeing seriously and want to create a social environment so that people can flourish and have the best possible living experience.
It’s also a clear message we can take to investors that we are listening to what the market wants and setting ourselves out from competitors.”
