FOREWORD 2 EXECUTIVE SUMMARY 3 A QUICK TAKE 5 SUPPLY AND DEMAND TO 2029/30 AT A GLANCE 6 1 THE IMPORTANCE OF UNIVERSITIES’ RESIDENTIAL ESTATES 7 2 QUALITY 11 3 DEMAND AND SUPPLY OUTLOOK 22 4 CAPITAL SOLUTIONS 32 5 DELIVERY SOLUTIONS 36 CONTACTS 43 APPENDIX: NOTES 44 GLOSSARY CAGR Compound Annual Growth Rate CAS Confirmation of Acceptance for Studies CPI Consumer Prices Index CPIH Consumer Prices Index (including owner occupiers’ housing costs) CUBO College and University Business Officers ( cubo.ac.uk ) DBFO Design, Build, Finance and Operate FM Facilities Management HEPI Higher Education Policy Institute ( hepi.ac.uk ) HMO Houses in Multiple Occupation JV Joint Venture OfS Office for Students ( officeforstudents.org.uk ) ONS Office for National Statistics ( ons.gov.uk ) PBSA Purpose-Built Student Accommodation PG Postgraduate PGT Postgraduate Taught UG Undergraduate CONTENTS AND GLOSSARY A Student First Group research report | April 2026 | Page 1