Graduates face a steep increase in living costs as they transition from university halls to private rentals, according to a new study by flexible living brand, Gravity Co.
The study reveals that graduates in Bristol will see a 49% increase in rent, paying an average of £249 per week for a one-bedroom property in the private rental sector.
The research analysed the average costs of student accommodation and compared it with private rentals in 10 of England’s largest university cities.
The findings reveal a significant ‘graduate gap’ in living costs, particularly in Bristol and London, where the increase in cost when moving from university halls to a private rental reaches nearly 50%.
In London, the weekly rent for a one-bedroom property in the private rental sector averages £410, a 48% rise compared to university accommodation.
Meanwhile, graduates in Sheffield, Manchester, Leicester, Leeds, Coventry, Birmingham, Nottingham, and Liverpool also face cost increases, though at a lower percentage.
The soaring rental costs coincide with a 5% increase in UK rents over the past year and are consuming the largest proportion of average earnings in a decade at 28%.
“This year’s graduates, many of whom have spent part of their course studying remotely, face a particularly sharp jump in living costs as they transition from low-priced halls to private rented accommodation,” says Riccardo Tessaro, co-founder & CEO of Gravity Co.
“The cost of renting makes accommodation which also includes utility bills particularly attractive. It gives tenants a better idea of their total costs for a set contracted period, especially as energy bills remain historically high.”
