Hostels are an Affordable Housing Alternative for Students in London

photo of a student in a hostel lobbyUniversity life is an exciting time for many people. It is a milestone and a turning point that lasts for four years or more. This is the time when students become adults and start living independently away from their parents.

Amidst the increasing housing costs, there are student houses to rent in London for those attending a university. These accommodations allow for self-catering, laundry, Wi-Fi and other amenities.

Affordability

Housing is a concern for students, as they are usually the least priority for developers. Students spend up to 55% of their money on housing. Based on the maximum available maintenance loan available to them, students can spend about £164 per week for accommodations. This is a problem for developers, as the average build cost for student accommodation in London is around £63,000 per bed.

The amount that students can afford for housing is not enough for developers and investors to make it worth the effort. This puts a strain on the estimated 3,500 extra beds per annum for new students in London.

Long-Term Accommodations

There are alternatives currently available for students and young professionals. Traditional hostels cater to short-term tenants who live in dorm-type rooms with self-catering. These hostels are in the position to accept students on a tight budget. This affords them not only affordable housing but also a chance to mingle and socialise with other students.

There is diversity in the people who live in hostels. Tenants include professionals, graduate students, and foreign students. This gives residents the chance to exchange ideas and experiences, as well as share their culture. Hostels likewise allow long-term stays without a contract.

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Hostels provide housing for students and young professionals who need affordable long-term accommodations. It is a solution that answers this market’s housing woes whilst providing most of the things they need to pursue their studies or give them a head start on their careers.