Like many university cities in the UK, Liverpool in recent years has seen a chronic undersupply of bespoke student housing in the area. Last year alone, 82.3% of students in Liverpool were not housed by their respected universities, which meant that demand was, and continues to be, high for prime student accommodation in the city.
With a student population of in excess of 50,000 (over 10% of the population), the city of Liverpool is in desperate need of student housing to ease this deficit. Developers have been quick to respond to the rising demand for bespoke high-end student developments in Liverpool City Centre, as evident by the wave of new-build accommodation currently present in the city.
An excellent example of this growing trend is X1 Arndale House, a student development situated right in the heart of Liverpool. Built and 100% let, with tenants enamoured with both their residence and its location, a recent survey conducted by investment company Knight Knox International has indicated that students living in X1 Arndale House are incredibly happy with the purpose-built site and all its amenities.
Jessica Hughes, a first-year student currently residing in X1 Arndale House, says: “I decided to live at Arndale House because it was a much nicer place compared to all the other things on offer. Living here is great because it's calm and quiet and has good amenities. Due to the fact that it is private the atmosphere is much calmer.”
Second-year Yangi Mei concurs: “Living here is great and what really stood out when choosing accommodation was the location. The rent also includes bills which I would consider as being the best thing about living here. Arndale House has an on-site management company which I found to be helpful.”
This goes to show that the student market is changing. Gone are the days of stuffy student pods in old derelict university buildings—the modern student now wants purpose-built studio apartments in the heart of thriving and vibrant city centres, away from their universities. This allows students to enjoy a sense of independent and cosmopolitan city living, rather than being confined to their campuses. Students are showing a greater preference for chic studios in the private rented sector rather than the university-provided halls of residence, and studies have shown that they are more willing to pay a lot more money for the privilege.
No longer content with single beds in dreary rooms with shared bathroom facilities, students are now actively searching for new-build student developments with communal amenities, plenty of space, and private living quarters. Developers in Liverpool have been keen to take into account this changing student market, and are increasingly focussed on delivering high-quality bespoke accommodation to an overpopulated and undersupplied student sector.For student property investment opportunities, visit X1 The Edge, Liverpool.Click here to register.