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New survey also reveals importance of accommodation with a sense of community, helping investors to choose properties that will command high tenant demand.
This is what UK students want from their accommodation – and what property investors should prioritise when choosing their next investment.
Knight Frank’s UK Student Accommodation Survey has revealed the latest student satisfaction levels within the student property sector.
Increasingly the preferred accommodation type among students today, across the UK close to 30% of full-time first-year students now live in purpose-built student accommodation (PBSA), an increase of 22% over the last five years.
And the survey revealed the high level of satisfaction among students in the sector, with 75% of students living in PBSA stating that they would recommend their accommodation to new students.
Crucially for investors considering the best PBSA investment opportunities, it also highlighted the importance placed on established brands and developers in the market place. 40% of new first-year students living in private PBSA in the UK say that living with a leading, recognised brand is a key influencer when choosing their accommodation.
Developments that also priortise in creating a sense of community was also highlighted as being an important quality.
Collectively, 98% of students overwhelmingly declared value for money as being important to them, indicating that residences that deliver on most, or all, of the things they want when looking for accommodation will command the highest levels of demand.
“Overall, it is encouraging to see that the survey shows high levels of student satisfaction within the PBSA market,” commented James Pullan, Global Head of Student Property at Knight Frank.
On delivering the best value for money, Pullan explained that “for investors and operators of PBSA, this means delivering the highest quality accommodation possible within the constraints of viability.”
“Operators must be quick to identify and prioritise the elements in accommodation that are most important to students. The role that student accommodation plays in supporting well-being is also reinforced, with the survey highlighting the importance that students place on the quality and usability of the social and amenity space provided.
“This must be an essential feature of all new PBSA.”
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