Renting your first student home is a thrilling experience, and as a student you’ll likely be excited to move in with your close friends.
While making happy memories and living well will be at the forefront of your mind, it’s important you take a moment to consider the costs associated with renting student accommodation.
You don’t want to dampen your student experience by letting poor planning lead to financial burdens that you can’t cover.
How much should I expect to pay in rent?
In 2023 the average monthly rent paid by a single student was £535, according to Save the Student.
This figure varies significantly depending on the location of your chosen accommodation and what facilities are available, but it should give you an idea of what prices you can expect.
In London, for example, you should expect to be paying significantly more in rent each month due to it being such a popular location and being the capital.
Some more luxurious purpose-built student accommodations (PBSAs) may come with exclusive facilities, such as a gym, but will likely cost more in rent per month.
If you can’t afford your dream property, that’s okay, as there are plenty more to discover.
Overspending on your accommodation will leave you with less money for bills and living costs, so it isn’t worth renting outside of your budget.
Do students have to pay energy bills?
The biggest expense from your student accommodation, other than rent itself, will be your energy bill: Water, gas and electricity.
Some landlords or estate agencies may include the cost of bills in your rent, but this is not standard and you should budget as if you will be paying bills.
Never presume your bills are included. Always make sure with the landlord or their estate agent if they are or are not.
You should find out who the current energy providers for your student property are, as once you move in you will be responsible for payment.
Contact them and make sure they know you have moved in.
Not all properties have a gas connection these days, but if you need to pay both gas and electricity you should get a dual fuel tariff with the same energy provider.
A dual fuel tariff will save you money and make it easier to keep track of your bills.
You will not have a choice of who provides water to your property, whereas you may have a choice for who provides your property's electricity and gas.
What other costs are there?
If you are going to have valuables in your student accommodation, such as laptops for remote studying, you should consider getting them insured to protect them.
Our trusted partner First2Protect make it as simple as possible to get your contents insured.
Broadband is another expense you need to think of, especially with the advancement of online learning following the 2020 pandemic.
It can take weeks to set up broadband so, given your landlord doesn’t already have broadband at the property, you should contact a broadband provider in advance of your move-in date.
If you want to watch broadcast television or BBC iPlayer, you’ll have to pay for a TV licence. A TV licence for a year currently costs £159.
Council tax is an annual fee that you would normally pay to the council to cover local services. However, students are exempt from council tax, saving you some money.
Make sure you apply for council tax exemption when you move in.
Being prepared for these costs will make your time in your student accommodation much easier and avoid any unexpected costs causing stress.
If your student landlord gives you the option to pay your rent termly rather than monthly, you should consider taking it.
Paying the full term’s rent when your termly maintenance loan comes in means your rent is fully covered and you don’t need to think about it when budgeting for the rest of the term.
If you’d like to discuss what your tenant contents insurance options are, request a callback from our partner First2Protect and one of their trusted advisers will be in touch.
Your Move E-Marketing Executive
