Graph iii.1 : Student-to-bed ratio vs rental growth in UK PBSA markets 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00 2.10 2.20 2.30 2.40 2.50 2.60 2.70 2.80 2.90 3.00 -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% City-wide student-to-bed ratio (demand pool, all PBSA) City average rent CAGR for en-suite bed 2023/24 - 2025/26 trendline CPIH for same period (3.33%) Page 48 | SFG | Meeting demand for modernised university-owned accommodation