UK Universities Turn to Summer Rentals Amid Financial Struggles
Freedom of Information figures show that UK universities have earned close to £100 million over three years by letting student rooms to short-stay guests during the summer. With 72% of institutions forecast to run a deficit this year, this income is becoming more important.
Reporting in The i identified University College London (£14.9m), Brunel University (£10.1m) and the University of Nottingham (£9.5m) among the biggest earners, using booking sites such as Booking.com and Expedia to fill rooms that would otherwise stand empty. For some universities, this income has doubled within two years as budgets tighten.
Others have been slower to act, leaving large numbers of rooms unused each summer despite rising costs and financial pressure.
Lavanda plans to publish a white paper titled "Making the Grade", which will examine in more depth how UK universities are putting student rooms to use over the summer holidays. It will cover the growth of short-term letting across the sector, which universities earn the most, the effect on university finances and the scope for other institutions to follow suit.
The findings will be discussed at a webinar with Lavanda's CEO Fred Lerche-Lerchenborg, Homes for Students' Business Development Director Mo Ali, and someone from a leading university. The panel will look at the financial strain on universities, how short lets can help close funding gaps and what operators of purpose-built student accommodation can take from the trend.
