Delivery rates are not dramatically behind unmet PBSA demand shortfall in the UK, but they are hampered by viability Section 3: Conclusion Many of the estimates that have been made of the shortfall of student accommodation across the UK have been through the lens of developers and agents, who are naturally keen to tell a story of fervent demand for their potential schemes. Our own estimate, while not definitive, provides a useful restrained counterpoint, suggesting that the shortfall through to 2029/30 is c.70,600 beds. When comparing the current PBSA pipeline to our more cautious estimate of shortfall, the gap looks surprisingly small. However, adding the number of poor-quality beds that need to be replaced (mainly university, but some private sector too), the actual requirement is c. 27,700 new beds per year. At a UK level, current levels of delivery would not be too far behind the level of need, had it not been for the impacts of (for example) increased interest rates, construction inflation and land prices. However, some markets have unmet demand but without rent levels strong enough to support new development. If we make a broad assumption around a ‘viable’ rent level of £240 per week, we estimate that only c. 63,800 (c. 60%) beds that are required to meet the shortfall or replace poor- quality university beds in certain markets fall above the viability threshold. A Student First Group research report | April 2026 | Page 31