iStockGlasgow is the cheapest city for students in the UK as rents rise by nearly 20% across the country, a study has found.
Data released by the Royal Bank of Scotland Student Living Index indicates that there has been a sharp increase in student rent prices, with the average monthly cost now £518, an increase of 18 per cent from 2020.
Despite this, research shows Glasgow has the cheapest monthly rent in the whole of the UK at £447.40 on average per month – while London remains the most expensive place to rent for students.
London students can expect to pay around £619.90 a month on rent – and it is currently the only UK city where student costs outweigh their income.
The biggest increase can be found for students in Leicester, who have been hit with a £188 rise for their average monthly rental costs.
The Royal Bank Student Living Index surveyed more than 2300 students across the country and asked students a range of questions, including how much they spend on essentials such as food, rent, and bills.
Student income from student loans have dropped slightly since 2020, as contributions from parents and personal savings have gained importance in financing student lives.
This now means that now only one in seven students rely on their own income to pay for their rent, compared to one in five last year.
The survey found 84% of students consider themselves sensible with money, one in four say they run out of money every month, and 20% say they don’t save any money at all.
Andy Nicholson, Head of Royal Bank of Scotland Student Accounts said: “Increasing student rent puts even more pressure on student finances.
“Our student account this year is designed to help alleviate some of that burden.”
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