Unite Students, the UK’s largest developer and manager of purpose-built student accommodation (PBSA), has announced its interim results for the six months ended 30 June 2025.
For the reporting period, the group said adjusted earnings increased to £144.2m from £125.3m the previous year, an increase of 15%.
The results highlight building momentum across the business with growing student numbers supporting demand. International student recruitment shows improving trends and underlying demand for UK universities, with total student visa applications up 19% year-on-year.
Growth in the UK 18-year-old population has resulted in record demand from this demographic, with a 2% growth in applicants for the year. This, combined with constrained supply, leaves Unite well-positioned to reach at least 97% occupancy for 2025/26.
The value of Unite’s national portfolio grew by 0.6% to £2.9bn over the three months to June 30, while its London portfolio grew 0.7% to £2bn.
As a result, Unite reports a strong performance, with growth in earnings, dividends, and net assets, together with a significant opportunity to grow the business in response to high demand for its value for money proposition.
“We have had a strong first half, delivering 15% growth in adjusted earnings underpinned by high occupancy, rental growth and investment into our portfolio and operating platform.
“Universities continue to attract school leavers in record numbers and improving recruitment of international students reflects the UK’s attractiveness as a study destination. Sales for the 2025/26 academic year are building momentum, and we expect strong demand for accommodation in late August and September following A-level results.
“Structurally growing demand combined with limited new supply creates a range of attractive investment opportunities and we see significant potential to add to our growing pipeline of on-campus university partnerships. Our alignment to the UK’s strongest universities and investment pipeline position the business to deliver sustainable earnings growth.”
Joe Lister, Chief Executive, Unite Students
Unite secured their second joint venture with Manchester Metropolitan University for 2,300 bedrooms, reflecting the strength of university partnerships; and secured planning permission for its Newcastle University joint venture.
Unite’s development pipeline now stands at 10,000 bedrooms, with a total development cost of £1.9bn and is aligned to its strategic focus on high and mid-ranked universities. All seven projects are fully funded, and Unite is already on site at four of the schemes.
