More people are going to university and there aren’t enough beds for them all. Unite, Britain’s biggest student landlord, has been talking up how it stands to benefit from this supply-demand imbalance for a while now, yet investors are cautious about taking the bait. Greater evidence that the group can deliver on its dizzying potential is needed to push the shares on from here.
Pulling in punters clearly isn’t an issue. On Tuesday, Unite revealed its accommodation is full, despite the average rent for one of its rooms rising by 7.4 per cent. That was enough to offset rising wages, utility bills and other costs. In 2023, adjusted earnings climbed 13 per cent to £184 million.
The outlook is equally encouraging. Four-fifths of rooms are
