Universities are already tripling the value of their hardship funds due to “unprecedented” demand from students struggling with the cost of living crisis – and analysis by student support service Very Wise Student now suggests students are facing rent increases of close to £2000
Figures released this week by Rightmove report an annual increase for tenants in the cost of rented housing of 16.1%.
For the average priced student rented property of £148 a week that means an annual increase of £1239.
For some areas this means even larger increases, including:
- London – £1993
- Edinburgh – £1889
- Warwick – £1649
- Glasgow – £1641
- Oxford – £1441
- Bristol – £1381
- Birmingham – £1380
- Sheffield- £1336
- Cambridge – £1306
Students in Manchester and Liverpool face rises of £1231 and £1222 respectively
The National Union of Students has already highlighted a £340 gap between living costs and student maintenance grants – which rose 2.3% this year despite inflation running in excess of 10%, described by one Vice Chancellor as a “chunky real terms cut” – and university leaders have warned that students may not be able to afford books, and may even be at risk of homelessness.
Figures from the Office of National Statistics also this week showed 39% of renters are struggling to pay their rent – and 60% are struggling with energy costs.
The rent rise analysis was made by Very Wise Student, a new service offering students protection from rip-off renting – legal, financial and emotional.
Very Wise Student offers students a free legal advice help line offering advice on:
- Disrepair issues in their flat or house
- Boiler problems
- Tenancy agreement disputes
- Damp in their flat or house
- Deposit issues
- Rodent and pest infestations
- Revenge issues
- Rent rises
- Landlord visits
The service also offers tax advice, including student loans, part time work and Council Tax.
All calls are handled by qualified solicitors with at least 5 years of post-qualification experience
A free and confidential counselling helpline also offers students support with academic pressures, personal problems and money worries.
Very Wise Founder Ajay Jagota responded to the figures:
“There’s striking evidence that student tenants can’t cope in the cost of living crisis as it is and rent rises are making the situation even worse. That leaves student tenants very vulnerable to uncaring and unscrupulous landlords and letting agents – but in the current climate they clearly cannot afford to lawyer up in order to protect their rights.
“Very Wise Student helps all student renters get access to legal justice. Whatever the problem is with their rented student housing we will take up the issue directly with their landlord or agent – and if all this extra pressure is really getting on top of them, we can help with emotional support too.
“We want universities, higher education colleges and student unions to partner with us to offer this lifeline to their students so we can help protect and support students through this difficult time.
Very Wise Student has been launched by online claims management firm Veriwise, in partnership with legal expenses provider ARAG.
More information is available at Verywisestudent.io
Operating in the UK since 2006 ARAG provides a comprehensive suite of ‘before-the-event’ and ‘after-the-event’ legal expenses insurance products and assistance solutions to protect both businesses and individuals.
Very Wise Student
Veriwise trading as Very Wise Student enables Student renters to claim compensation from landlords/Letting Agents if there is a valid claim which is presented to legal counsel to issue court proceedings to ensure the landlord complies with the current laws and claim any compensation.
Veriwise and ARAG are authorised and regulated by the Financial Conduct Authority.