Joe Lister, CEO of Unite Group PLC (LSE: UTG), sat down for a video interview at Nareit’s REITweek: 2026 Investor Conference in New York, June 1-4.
The UK student housing market is adjusting to a new set of dynamics, but Lister remains optimistic about the sector’s long-term fundamentals. He noted that after years of strong enrollment growth driven by international students and rising participation rates, demand has moderated.
Policy changes affecting international students and cost-of-living pressures on UK families have contributed to softer enrollment trends in some markets. As a result, occupancy across Unite’s portfolio declined modestly from historical levels of about 97% to 95% last year.
Despite those challenges, Lister pointed to favorable demographic trends and expects international demand to stabilize. “We do continue to see demographic growth in the UK population, which will continue to support that growth in domestic students,” he said.
Given current market conditions, Unite is taking a disciplined approach to capital allocation. Lister explained that development activity remains challenging as construction cost inflation has outpaced rental growth, limiting the number of markets where new projects are economically viable. The company is selectively disposing of assets, using proceeds for share repurchases and university joint venture developments.
A key growth opportunity lies in deeper partnerships with leading universities, he added. “We actually see that trend starting to accelerate right now,” Lister said, citing increasing financial pressures facing UK institutions.