Student digs sold out - at nearly double average price
The Student Housing Company has sold out its apartment block for the coming year - at almost double the average paid in rent by Dublin students - one month after launching the Dublin City-based premises.
Binary Hub, which will house 471 students, is set to open in September with rooms starting at €206 per week, or €824 per month. The room rates are just under double what students are paying on average, according to the DIT Cost of Living guide.
DIT uses the Daft.ie rental guide as a starting point for rent averages and then triangulates the results with surveys of its own students. As a result it estimates the average rent paid by a Dublin student to be around €462 a month, or €115.50 per week.
Despite the major increase on the average rent paid, The Student Housing Company's Liberties accommodation has been completely booked up for the coming college year.
DIT has reserved some of the space in the block for its students as it, like all colleges, continues to tackle a lack of bed space in the capital.
DIT's Dr Brian Gormley said that while the prices charged by the Student Housing Company are higher than the average, the college welcomes the additional rooms for students.
"The last time there was a significant growth in purpose-build student accommodation was between 2000 to 2007. During that time period the number of students living in purpose-build student accommodation went from about 4pc up to about 17pc, which was a massive increase. It took a lot of the poor-quality accommodation out of circulation.
"Eventually the rent found its level. I know these companies are charging a premium, but generally what you'll find is there won't be enough students who can afford to pay at that level. I think eventually the prices will level off," Dr Gormley said.
The Student Housing Company is looking to follow up Binary Hub with another location on Dorset Street in northside Dublin. This campus will house 447 students with bookings starting in November with the aim of opening in September 2017.
The rent charged at the company's locations is all inclusive of bills and on-site amenities including a gym and a laundry room.
Sunday Indo Business