The cost of renting around a university campus in London carries an average premium of 25%, testing the boundaries of the already-stretched finances of students in the capital.
According to the latest research from international rental marketplace, Spotahome, on average, the cost of renting within close proximity of a university campus is £1,976 per month; 25% more than the overall average London rent of £1,583 per month.
When looking at this cost by each ‘main campus’ alone, the average monthly rent increases to £2,060 per month, while this cost falls to £1,905 per month when renting around an ‘additional’ campus.
However, at the top end of the London uni rental ladder, the average monthly rent in the SW7 postcode is currently as high as £2,887 per month. This postcode is home to the main campuses of the Imperial College London, the Royal College of Arts and the Royal College of Music, making them the least affordable universities for students looking to live nearby.
The neighbouring W8 postcode is home to the additional campus of Richmond, The American International University London. With an average rent of £2,834 per month, it’s not only the fourth most expensive uni campus to rent around in the capital, but it’s also the least affordable of all additional campuses. It also comes in 40% more expensive than the university’s main campus, located in Richmond’s TW10 postcode (£2,030).
The European School of Economics, the John Prince Street campus of the University of Arts London, the Cavendish and Regent campuses of the University of Westminster, the King’s College London and the London School of Economics and Political Science also rank within the 10 least affordable universities due to the high accommodation rental prices of the surrounding areas.
In fact, the most affordable London campuses aren’t actually in London at all. International students may be surprised to know that the additional campuses of the University of Greenwich (£817) and the University of West London (£952) are the only universities with a rental cost below £1,000 per month but are actually located in Reading and Kent.
The most affordable within London is the Avery campus of the University of Greenwich, located in the SE9 postcode and home to an average monthly rental cost of £1,184.
Nadia Butt, UK and Ireland Country Manager of Spotahome, commented: “We’re in the middle of peak season in terms of students searching for a place to live and while Covid-19 has dampened this to a degree, many are still hopeful that they will be able to either start or return to university come September and October.
"Although it would be great to live closeby to campus, for those studying in London securing an affordable place close to their university can be a tough ask, even when sharing with friends.
"However, with any big move, it’s all about research. It might sound obvious, but knowing which campus you will be at is the place to start. As our research shows it is generally more affordable to stay in areas surrounding additional campuses compared to the main university campus, with the university also providing a link such as a shuttle bus between the two.
"Whilst it might be expensive around your university, there will also be far more affordable pockets of the rental market in the vicinity. At Spotahome, we often find students aren't too disheartened by the higher cost of living near campus. In fact, they tend to prioritise more affordable areas with a good social scene and good transport."