The survey, with up to 70,000 responses, found that 65% of new students choose their university based on the availability of suitable accommodation.
Knight Frank has partnered with the University Admissions Service (UCAS) and claims this is the largest-scale survey of university applicants and student accommodation choices in the UK.
The agency said the 65% figure highlighted the importance of developers and operators ensuring there are suitable, high-quality housing options that are attractive to the next generation of students. 
The report also noted that affordability remains a top concern, with 69% of students saying purpose-built student accommodation is a more attractive option, especially given the rising cost of living.
Neil Armstrong, co-head of student properties at Knight Frank, commented: “Purpose-built accommodation not only improves the quality of student life, but also helps students to manage their living costs more effectively, particularly as utility costs and rent prices continue to rise.”
The 2024 survey results found a growing preference among students for amenities that provide tangible benefits.
Fast WiFi, 24-hour security and on-site laundromat were ranked as must-have amenities.
The survey also found that students are increasingly prioritizing wellness services over luxury amenities, with around 78% of current students indicating that an accommodation provider's commitment to mental health support is important when choosing an accommodation.
Merelina Sykes, co-head of student properties at Knight Frank, adds: “While amenities such as cinema rooms and swimming pools are nice to have, students overwhelmingly prefer practical, well-maintained facilities. This also extends to chaplaincy support, with on-site wellbeing services increasingly being seen as essential.”
The burden of housing costs remains a pressing issue, with rents for PBSA housing set to rise by 7.6% in 2024. In the survey, 44% of students said housing costs had a negative impact on their experience at university.
Additionally, 88% of students are concerned about rising living costs, with many seeking additional sources of income or support from parents or guardians to cover rent and living expenses.
Knight Frank is calling for universities and the private sector to work more closely together on the development of new accommodation in the UK, as a mismatch between PBSA supply and student demand continues.
The report predicts that in 10 years' time, PBSA will house the majority of second and third graders, providing greater opportunities for investors and developers.
