Sales data from Vita Student shows early demand for student beds for the 2023/24 academic year, with record bookings for its Vita Student residences.Vita Student is already 38% booked for the 2023/24 academic year across its portfolio of 10,000 beds – after just 6 weeks. Booking velocity is up 11% compared with its highest year in the same period, and together with portfolio growth, means that total pre-Christmas booking volume has doubled in the last two years.
The business also achieved 100% occupancy for 2022/23 across its portfolio earlier than ever before and has let new stock launching in Barcelona, Warwick and Cardiff.
“Whilst it’s been a phenomenal month for Vita Student with high early demand from re-bookers and new customers keen to secure their room for the next academic year, it also shows early signs of a perfect storm coming for the student housing market, leaving next year’s students exposed.
“Record levels of students, both domestic and international, a shortage of quality purpose-built student accommodation, rising energy bills increasing demand for all-inclusive living as students look to safeguard themselves, and a reduction in the number of privately owned student HMOs are all playing their part in heating up the market. As a result, for those who already know where they’ll be studying next year, we’re recommending they start to look now to avoid the challenges that others faced at the start of this year.”
Max Bielby, Chief Operating Officer, Vita Group
Vita Student, Glasgow, West End has achieved a booking rate of 70% for the 2023/24 academic year, with Vita Student’s Circle Square Manchester buildings achieving 60%.
As well as increased bookings, the data team have seen increased search volumes, with over five times the number of organic searches throughout November landing on the Vita Student website compared to 2021.
“The UK is globally recognised for its higher education. This prestige is driving an increase in demand that should be celebrated, helping to drive economic growth and keeping our valued higher education institutions in business. However, more needs to be done to address the shortfall in student beds, bringing together the universities, local authorities, and the private sector to find a solution that safeguards students for this surge in demand by providing more quality provision.
“Our concern is that without such coordination, students will face rapidly increasing rental rates and unnecessary anxiety around trying to secure a bed space for next year, as happened this year. Students already have several sources of stress, and their accommodation choice should be the least of those concerns. Instead, we must continually strive to positively impact their overall university experience.”
Max Bielby, Chief Operating Officer, Vita Group
