In 2023/24 inflationary pressures saw the average sustainable cost per room type increase by 14.73%, driven largely by a huge increase in the cost of utilities.
The University's Property Management Sub-committee (PMSC) agreed at that time that in order to reduce the immediate impact of these increases on Graduate Accommodation tenants, a sustainable position could be achieved by spreading the required increase over the following 3 years, with a 7% rental increase per year commencing from 1st August 2023.
We have worked in conjunction with representatives from Oxford SU who consistently raised concerns around affordability and pushed for a lower rent increase. Given the financial situation, a 7% increase was the lowest feasible increase to retain financial sustainability in terms of running costs and future repairs and maintenance.
It was agreed that this would be subject to annual confirmation by PMSC that this continues to be an appropriate rate of recovery. This has now been confirmed by PMSC for 2024/25.
Rental rates will be reviewed by the Sub-committee on an annual basis for one further year to take into consideration the inflationary position and latest sustainable portfolio costs, and to discuss and confirm an appropriate rate of recovery.
It is recognised that students who are experiencing significant increases in the cost of living alongside other factors beyond their control may require support through financial assistance schemes where they are unable to reduce costs or meet these costs through other sources. If you are experiencing financial difficulty, further advice and support, including guidance on funding that may be available can be found on the Oxford Students website.
A full list of updated rental rates for 2024-25 can be viewed on the rent information page.