The rising energy crisis and inflation lead to a sharp increase in rental charges in Canada and Australia. There is a hike of 8% in rental charges for students in Australia and Canada.
Canada and Australia are popular study destination for students, but the rising energy crisis and inflation has led to an increase in rent. According to the analyst report, it has been confirmed that the demand for occupants will remain high.
The sources claimed that the average rent in the UK for a single studio has hiked up by 4.4% on monthly basis. . Rental charges in the UK have gone up to 1017 pounds. The accommodation charges have been increased by 3.1% in Europe. The planning difficulties with high building costs are a serious problem making it challenging to meet the demand.
International universities are warning students to not migrate to the country if they have not found a place to accommodate themselves. Foreign students migrating overseas are finding it difficult to find a suitable place in countries like Australia, Canada, the UK, Ireland, and the Netherlands.
Samuel Vetrak, CEO of BONARD has raised the concern that supply is growing slowly making it difficult to meet the demand. Between 2018 and 2021, around 50,000 beds were supplied internationally which rose to 75,000 in 2022. As per the estimate, only 38,000 beds will be supplied in 2024.
As per Samuel Vetrak, the pandemic has led to an economic downturn creating a situation of uncertainty. This situation can be resolved in the first quarter of 2023. New trends in accommodation have arisen which include basic amenities like a gym, game room, and bike storage. However, instead of computer rooms students prefer receiving high-speed internet.
The living operations director Marc Sampietro, says that “If you increase rents, you also increase expectations.” It is important to offer wide-ranging services to students to attract them. According to Sampietro, the rent increase will lead to an increase in expectations of students as they will start expecting to receive more services.