Unite Group achieved its highest-ever earnings last year thanks to increasing rents and a record occupancy rate across its portfolio.
Britain's biggest student accommodation provider, which operates around 70,000 beds nationwide, reported adjusted earnings rose by 13 per cent to a record £184.3million in 2023.
The Bristol-based firm's rental income expanded by 9 per cent to £369.5million as a student housing shortage, combined with strong demand for university places, helped it score full occupancy rates for the 2023/24 academic year.
Revenue was further bolstered by like-for-like annual rent growth of 7.7 per cent and a greater ownership share of the Unite UK Student Accommodation Fund.
Unite said demand remained solid for the current academic year, with 80 per cent of rooms already sold as many students seek to gain places earlier during the sales cycle.
The group is propelled by a significant under-supply of student properties unable to meet the spike in domestic and international students attending higher education institutions over the past few decades, as well as a broader housing shortage.
