Edinburgh has become the most expensive place in the UK for students to live, as monthly rents rise by 30%.
The NatWest Student Living Index has revealed a widening gap between student income and living costs after surveying more than 3,000 students.
This year has shown rent has increased by an average of 30% for students, with the national average monthly rent now at £591.90. London is the most expensive city in the UK for students to rent, with an average cost of £840.30 per month.
Jaimala Patel, head of NatWest Student Accounts, said: “An increased reliance on student loans and double-digit increases in spending on food shopping and rent is having a real impact on student finances.”
Supermarket spend continues to be the second-biggest outlay for students outside of rent, and has risen by 44% year-on-year to £109.57 each month.
NatWest concluded that in Edinburgh, students have a monthly term-time income of £1,453, the lowest of all the cities ranked, while their total monthly spending stands at £1,072.61.
By contrast, Bournemouth tops the list of UK cities as the most affordable, taking the top spot from Cardiff. Higher-than-average term-time incomes contributed to Bournemouth being named the most affordable student location.
Meanwhile, London is the most expensive place for a student pint, at an average of £5.51. In Lancaster it is £3.81.
Nearly half of students (46%) have found themselves running out of money by the end of term – up from 35% in 2022. Almost one in four students (24%) said they found managing their money stressful, an increase of 29% compared with last year. This is most pronounced in Bournemouth, ranked the most affordable city.
While the majority of students haven’t considered leaving or ending their course early due to financial difficulties, NatWest said it is something on their minds. One in five (21%) said they had considered it but would find a way to manage, while 29% said it was a concern for them.
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