Displaying items by tag: Rent Increases

University students in the UK are facing unprecedented rent increases as the value of maintenance loans fails to keep pace. Rents have risen by over 8% since 2022, with some cases seeing increases of up to 27%. The demand for accommodation has soared, with nearly 390,000 more students needing housing in the past decade. Rising operational and development costs, high inflation, and a decline in new bed space delivery have contributed to the increases. The average private sector rent outside London now exceeds £7,600 per year, consuming 77% of the maximum student maintenance loan allowance. Fewer than 10% of beds in major university cities are affordable to students receiving maintenance loans and grants. Rental growth in purpose-built student accommodation has reached 9.4%, exacerbating the affordability challenge. Students are increasingly taking on part-time work to cover expenses, negatively impacting their studies. To address the crisis, there have been calls for increased maintenance loans, rent freezes, and rent controls.

Lisbon’s rent is €2,000+. The minimum wage is €760. There are more houses than people, but prices don't go down. Comedian Diogo Faro posted a social media video about high rent. His inbox was flooded with messages like divorced couples who can't afford to move out, the elderly choosing between paying rent or buying medication; shortening their lives to have a roof. Lisbon's mayor said that housing is the biggest crisis in our lifetime. 1/3 of Lisbon's historical centre is unoccupied due to ‘touristification’ - holiday rentals diverting homes from residential use to tourism. Foreign investors with Golden Visas can reside in Portugal, renovate a house, and then allow it to remain empty. Houses are being sold over and over again, creating a distortion in the housing market.