Inside the UK’s most luxurious student apartment, which comes with a hefty £67,000 a year price tag
WEALTHY international students are spending up to £67,000 a year to rent out plush pads in London.
While some students are barely scraping by, these rich kids are living a life of luxury in the nation's capital.
The most impressive student residence in London costs an eye-watering £1,300 per person per week, or £67,000 each a year.
in the affluent area of Mayfair has two reception rooms with living and dining space, a modern kitchen, guest cloakroom and two double bedrooms with en-suite marble bathrooms.
It also features a private terrace overlooking Hyde Park, plus a high-tech home automation system to control lighting, security and underfloor heating.
Super rich youngsters renting out luxury accommodation is on the rise, according to StudentTenant.com, and a growing number of property developers are trying to capitalise on the demand for extravagant student properties.
MOST READ IN MONEY
London has seen an influx of new, expensive, high-spec studio flats for wealthy undergraduates who can afford to pay weekly rents of more than £700 a week.
Experts say the growing demand for luxury accommodation is giving landlords an appetite for higher rental reward - which is causing a cut back in "affordable" homes for other students in the capital.
Danielle Cullen at StudentTenant.com, said: "It’s great to see property developers offer the option to live the life of luxury for those who are studying at university, but the problem we’re seeing is that luxury properties are gradually pushing up rental prices for students across the UK.
"Landlords are seeing the potential for luxury student properties and how much rental income they’re generating, and they want a piece of it.
"More and more landlords are opting for the luxury label and students are getting hit as there is a fall in affordable student accommodation, particularly in central London."
Millions of students and graduates across the UK face a 33 per cent increase in the interest rates they pay on tuition fees and maintenance loans.
The interest rate is charged according to the RPI (retail prices index) measure of inflation every March, plus three per cent, and earlier this week, the RPI for March was announced as 3.1 per cent, meaning some students now face paying interest of 6.1 per cent on tuition fees and maintenance loans.
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at [email protected] or call 0207 78 24516