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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.

Published in British Isles
Friday, 02 June 2023 13:17

Portugal: Housing crisis

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.

Published in Europe