Rent Woes in Oxford: The Crisis of the Rental Market for Students
Increase in costs & limited housing options leave university students in a panic to find a place and call it home
Oxford – the city of bikes, historic buildings, dreaming spires, and…extortionate rent.
For a student, a vital component of Oxford’s identity, finding a place to live has become one of the most difficult and stressful tasks. Not only just competing with other students, professionals and families, students are feeling the pressure for the limited housing.
Over the past few years, the increase in the rental market crisis has made the city one of the most expensive locations to live in the UK. The cost of monthly, ‘private rent rose to an average of £1,778 in November 2024, an annual increase of 8.4%.’ (Ons.gov.uk. (2024)
The Data says it all: Analysing the Oxford Rental Market
My primary analysis is based on the data from the Office for National Statistics (ONS), and the Oxfordshire City Council. Moreover, a survey was completed targeting at students aged between 20-22 years old, exploring their thoughts and satisfaction of the cost of rent in Oxford.
2020. The rental market in Oxford was relatively stable. Obviously, it wasn’t t cheap - it is Oxford, of course. Inflation over the course of a year from September 2021-September 2022 was ‘2.8%’ Ons.gov.uk. (2024) where the average monthly cost that year was ‘£1300.’ (Oxford Mail. (2023).
Suddenly, then came along Covid-19. The pandemic put the temporary freeze on the housing market. With students fleeing the county to go home for lockdown, the next best option was online lectures. This meant that the demand for rentals dropped. This could possibly be a landlord’s worst nightmare. Suddenly, they were keen to negotiate, where they lowered the costs of some students rent. For tenants thinking it was a sigh of relief, little did anyone know that this was the start of an never ending lockdown.
The Return of Reality: 2021:
By 2021, life started to return to some sort of normalisation (some people could say). With this turn of normality, students started to flood back to Oxford, and with a new academic year arising the surge in demand for rental properties was on the horizon again. Though, surprisingly inflation rate from September 2020 to September 2021 was only ‘0.2%.’ (Ons.gov.uk. (2024).
However, in Oxford the prices started to increase it was recorded that the ‘average rent in 2021 was £1547’. (Varbes. (2022). Group viewings became the normality, and properties were taken in no matter than a couple of hours after it being listed with many viewings. Being quick was vital.
The 2022 Spiral: Why is Everything Expensive?
2022 unfortunately propounded more bad news for students. The rental market in Oxford entered a full-blown, major crisis. Again, with inflation it drastically increased to ‘4.4%’ (Ons.gov.uk. (2024). Many properties within the area of Cowley (a student area) were becoming expensive with the cheapest properties being around the £650 mark and exceeding towards £800 per month. What is behind this surge?
The demand in properties is still rising, every year the population of students in Oxford excel, due to the high enrolment rates at Oxford Brookes University. It’s fair to say, that the development of housing is not at the pace it should be.
Of course, the lovely cost-of-living crisis… has hit landlords too. The higher energy prices, the increase of inflation pushed up those costs for the necessities we all use in our day-to-day lives. Sadly, these are passed on to the students.
2023: Will this ever End?
September 2023 came around, the return of students for the new academic year had crept upon us once again, and things were not looking great. Inflation rate was high at ‘5.6%’ (Ons.gov.uk. (2024). The new normality is back to the old reality of living being expensive. Landlords working back what they lost over the past couple of years due to Covid-19, is not having a dramatic effect on tenants across Oxford.
2024: Is There Any Hope?
So, what about 2024? Is there any light at the end of this (I would say) extremely pricey tunnel? Some could say yes, some could say no! The market is still narrow with its changes. There are rarely any signs of stabilisation. ‘In Oxford the average rent for flats or maisonettes rose by 8.7%, while for semi-detached properties and terraced properties, it increased by 8.3%. The rent per week can vary from £130-£350.’ (Ons.gov.uk. (2024).
Some landlords are starting to get a sense of reality and pinch themselves. With more and more students not being able to pay on time, with an exceeding amount of bills on top and property listings are being vacant for longer, private landlords know they cannot keep increasing the prices forever! As much as they would like too, it is just not possible for these students.
This graph shows the inflation rate from September 2020 to September 2024.
Students Thoughts & Feelings:
In order to report current student thoughts, views, and satisfactory levels, a survey was conducted which targeted students aged between 20-22. The responses I received were not surprising at all. Due to being a student myself, I 100% agree with all the figures I received.
The 10/10 recipients, 100% agreed that there has been an increase in the cost of renting since their 1st year of university.
Interestingly, 57.1% said their rent was £800+ a month, 28.6% said their rent was costing them between £700-£800 a month, and 14.3% said their monthly rent was between £500-£600.
And finally, on a scale of 1-5, 85.7% of recipients said that they were somewhat satisfied, (a 50-50 split) of their rental accommodation. Where 14.3% of recipients were moderately satisfied with their rental.
Final Thoughts:
It is fair to say that with Oxfords rental market having had its ups and downs over the last four years, and with potential for a continuous growth, it will only become a place of negotiation for more and more housing
Tips for Surviving Oxford’s Rental Market:
For the students for the foreseeable future ahead, if you’re searching for a place to live in Oxford, here are a few several tips.
1. Start early. Know what area you want to look around. Properties get released early; know which property you like.
2. Build a large size group. Larger groups often have more chance of getting a good, valued price house.
3. Be flexible in properties. Consider being a 5 minute extra walk away from university or from the city centre.