02 Nov Can maintenance loans keep up with rent prices?
Youness Rhout
Rising accommodation costs are draining students’ finances.
New research has found that the rising cost of living has put a strain on students as their maintenance loans just can’t keep up.
A National Student Accommodation Survey carried out by Save The Student found that 44% of students are simply unable to keep up with the soaring rents as their maintenance loan is not adequate enough to cover other living expenses. With the average student rent reaching £566 a month and average maintenance loan being £602 a month, many students find themselves left with only £36 to cover their remaining living expenses. Raman Lundd, a first year student at City University London describes how the pressure with finances has already started to affect him: “ I only work a part time job on weekends but I’ve already had to request more hours because I’m left with nothing to survive on most weeks, I’ve tried going out less which has helped me but other costs creeping up have always put a stop on my spending, to be honest I’m grateful that utility bills are part of the rent and I’ve found myself meeting new people and engaging with my course better as I’ve got more time to study”.
Predictably, students in London face the highest rents, with prices averaging £222 a week though different regions vary. Despite the high rent prices, other students across the country don’t receive the location weighted loan allowance that London students do but areas like the South East, South West and Wales have higher average rent than other areas. However, with the cost of living continuously rising, one in three students believe that accommodation is poor value for money. 90% of students claim to have dealt with issues such as a lack of heating and running water as well as damp with a third of students having to wait more than a week for issues to be repaired.
A second-year student at Royal Holloway University who wished to not be named complained of the issues he’s faced. “At first my biggest problem was the level of noise coming from the other rooms around me, but eventually the washing machine, fridge and heating stopped working, all in winter so I did get quite frustrated and was seriously considering leaving as I was paying over £500 a month and my complaints were only taken seriously when I threatened to pursue further action”. Despite the numerous stories and complaints that students have made about poor living conditions the most common issue students complain about is noisy neighbours, with 52% saying most neighbours are a headache with more complaining about residents stealing food.
However, students do experience the perks of living in student accommodation, with more than half having their bills included in the rent and are impressed with the quality and maintenance of their buildings. Furthermore, many find themselves living 20 minutes or less from their campuses and find it to be a much easier way of settling in to their university than those living at home.
