Student rents have jumped 30% to average £592 a month over the last year, data from NatWest shows, as cost-of-living hikes impact undergraduate finances.
London leads the way as the most expensive city to rent in, with student tenants paying £840.30 a month, followed by Bristol at £719.80 and Cambridge at £642.50.
Higher mortgage payments over the last 18 months have seen landlords raise rents for all types of tenants across the country.
The cheapest cities for students were Newcastle, where they on average pay £441 a month, followed by Sheffield at £473.70 and Leicester, at £482.10.
Over the last academic year, 54% of all students lived in halls, 33% in private rented accommodation, while 13% lived at home.
Students have an average monthly income of £2,893.10, with 54% of this coming from their student loans, and the rest coming from a range of sources such as family, scholarships and part-time and holiday work.
The survey found that 67% of undergraduates pay for their tenancies using their student loans, 42% use family cash, and 17% use their own savings.
Apart from rent, supermarket spending is the biggest outlay for students, with their average shop up 44% from a year ago to £109.57 a month.
“In a sign that the cost-of-living squeeze is starting to hit home, students are spending an average of 24% less on going out than the previous year,” the report says.
NatWest head of student accounts Jaimala Patel adds: “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.
The bank’s survey interviewed 3,052 university students in the UK between 11 May and 5 June.
