Finding your ideal student accommodation is quite the rush, and the prospect of living with your friends can cause just about anyone to get ahead of themselves.

Therefore you must be realistic about how much you can afford to spend on your rental accommodation to avoid any unexpected expenses ruining your rental journey.

How much is rent for students?

On average you can expect to pay £535 per month according to Save the Student in 2023.

The average rent payment greatly depends on where your student accommodation is and what kind of accommodation you've chosen.

For example, you should be prepared to pay significantly more if your student accommodation is in London due to it being the capital.

You should be realistic about your budget and what properties are within your reach to avoid disappointment.

Some more premium purpose-built student accommodations (PBSAs) may have appealing premium facilities, such as a gym, but these extra facilities will come at an increased price.

What is the biggest expense to expect when renting student accommodation?

Other than your rent payment each month or term, energy bills are easily the most significant bill you will be paying.

From the day you move in you will be responsible for paying your energy bills.

There are three energy bills you need to cover: Gas, electricity, and water.

You should find out who the current suppliers are so that you can contact them to let them know when you’ve moved in.

You might be able to get a dual fuel tariff, where one energy provider covers both your gas and electricity. This makes the cost of the two easier to keep track of.

Unfortunately, you do not have a choice on who supplies your water.

Sometimes student landlords will include the cost of bills in with your rent, providing you with an energy allowance that, if you don’t go over, will cover your bills at no extra cost.

You should never assume that your property will have its bills covered. Unless explicitly told by the landlord or letting agent, you should be prepared to pay your bills.

What other expenses should I prepare for?

You will likely have valuables in your student accommodation, such as a laptop for your studies, so it’d be a good idea to explore getting your possessions insured.

Our trusted partner First2Protect can provide a quote in minutes from their leading panel of insurers.

WiFi is essential for any student property, especially now that online learning has become the new normal, so you should investigate what broadband packages are available for your new student property.

Sometimes student landlords already have WiFi installed at the property and include the monthly cost in the rent, but you should never presume this.

If in doubt, just ask the student landlord or the estate agency managing their property.

If you watch broadcast TV or you use BBC iPlayer you must pay for a TV licence or risk fines. Currently, a TV licence will cost you £159 annually.

Non-student tenants will have to pay an annual fee to the council known as Council Tax to help cover the cost of local services, but students do not have to pay council tax.

When you move into your student accommodation, let the council know and apply for council tax exemption.

It’s far better to be a financially prepared tenant and prevent costs from turning your student experience into a stressful one.

If it is an option, you should see if you can pay rent termly in line with when your maintenance loan comes in.

That way you won’t have to think about budgeting your rent payment each month as you’ve already paid it off until your next maintenance loan payment.

To find out more about what tenant contents insurance could provide you, book an appointment with our partner First2Protect and one of their trusted advisers will be in touch.

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