Why is PBSA the best choice to minimize the cost of living?

When discussing studying abroad, we consider the UK, USA, and Canada as the top international study destinations. The total number of students studying in the USA, UK, and Canada is a whopping 22,985,943, out of which 2,435,749 are international students. In simple terms, approximately 10.06% of students are from overseas.

The pressure of finding perfect, affordable accommodation for these students is always high. Often, the cost of living and skyrocketing rents become barriers for students aspiring to study abroad. Previously, students preferred staying in university accommodation or rented apartments. However, in recent years, a new trend of Purpose-Built Student Accommodation (PBSA) has emerged.

According to Knight Frank , students in the UK are currently paying up to ￡16,500 per year for living expenses. This amount is expected to rise soon due to increased rents, bills, and utility costs caused by the ongoing cost of living crisis. Knight Frank compared the prices of living in an all-inclusive ensuite room in PBSA with living in a shared house in the private rented sector targeted at students. The results suggest that choosing PBSA might be the most affordable option for students trying to manage the challenges of the ongoing cost of living crisis.

Market Study of PBSA

A study by Knight Frank on the UK PBSA market concluded that:

• The most significant number of students studying are in the city of London.
• London demands the highest rent for apartments.
• Students living in London in PBSA pay 33% less than the overall rental market.

In the UK, many students prefer living in Purpose-Built Student Accommodation (PBSA) over regular shared housing.

• More students want PBSA than there are spaces available; the demand is increasing.
• Even though universities offer dorms, almost 69% of students choose PBSA.
• PBSA provides every possible facility and amenity, including staff, laundry, gym, Wi-Fi, and kitchen.
• PBSA is cheaper overall because it includes internet and electricity costs.
• Most PBSAs are located near top unis, allowing students to walk and saving them money on commuting expenses.

A report by Knight Frank stated that globally, the PBSA market was worth about $65 billion in 2019 and is expected to grow even more significant in the future.

The growth of PBSA is due to students wanting better places to live, more students attending college, and the availability of funds for those building and investing in student homes. The market for student housing is robust and can withstand economic ups and downs. More students are attending UK universities, and in 2022, a record-breaking $7.2 billion was invested in the UK PBSA market, indicating a significant interest in enhancing the quality of higher education in the UK.

How does PBSA minimize cost?

Provides High-Quality Facilities:

PBSA offers students the convenience of an all-inclusive cost that covers electricity, water, and Wi-Fi charges. Additionally, PBSA provides modern, top-notch rooms, gym facilities, laundry services, and communal social spaces.

Convenience:

PBSA locations are in close proximity to universities and colleges, facilitating easy access to classes without any hassle. These accommodations are often situated in the heart of the city or near public transportation, allowing students to explore and familiarize themselves with the area.?

Security & Safety:

Most PBSAs prioritize safety with measures such as 24/7 security staff availability, CCTV cameras for surveillance, and secure access systems for entry.

According to a survey conducted by Knight Frank with more than 70,000 current and prospective students, the primary concern regarding student housing remains affordability. PBSA effectively addresses this concern for students abroad by providing comprehensive in-house facilities.

Factors Influencing Student Housing Decision

• Value for Money
• Cleanliness of the Bedroom
• Overall Cost
• Location of the Property
• Amount of Light in the Bedroom
• Quality of Accommodation
• Inclusion of Bills
• Quality of Furnishings

Summary

In summary, the PBSA Market offers cost-effective student accommodations with inclusive utility bills, reducing overall living expenses. It also provides the advantage of proximity to the university, along with various facilities, fully furnished properties, and a wide range of housing options.

For students searching for ideal accommodation, Casita offers high-quality student housing near leading universities. Different room types are available, including studios, twin studios, non-en-suites, and more. Most apartments come fully furnished with features and amenities designed to meet the needs of students, including inclusive utility costs. When it comes to choosing the perfect accommodation for students, PBSA is the preferable option as it aims to minimize the cost of living for students.?