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Student Housing: Lessons from 25 Years & Where PBSA Goes Next

From the evolution of third-party management to the pressures of affordability, consolidation, and regulation, the PBSA sector is undergoing profound change. Investors, operators, and universities are grappling with shifting student demand, rising construction costs, and the looming impact of policy reform.

In this episode of the Room to Grow podcast, David Tymms sits down with Keith White, one of the most experienced and respected figures in UK student accommodation, to reflect on 25 years of sector transformation and what the next decade might hold for operators, investors, and universities.

What’s the episode about?

Listen in for insight into:

  • How third-party PBSA management has evolved and why the market is shrinking 
  • The trade-off between aggregation, branding, and operational reach
  • Occupancy risks, oversupply pockets, and the challenge of rising rents
  • The dynamics of European PBSA markets, from Spain and Portugal to Italy
  • Why IPOs have struggled in PBSA and whether brand really matters
  • The affordability conundrum: why students still demand en-suites despite tighter finances
  • The London Plan, Renters Reform, and their implications outside the capital
  • The role of BTR as PBSA’s biggest competitor
  • University consolidation and the future of participation rates 

About the guests

Keith White is one of the UK’s most seasoned leaders in the PBSA sector. Formerly a director at Savills, he led the management buyout that created CRM, which he grew into one of the UK’s largest student housing platforms nearly 25 years before its sale. Today, he advises pension funds, private equity investors, and international platforms on major UK and European PBSA acquisitions and strategies. 

David Tymms is a Strategic Advisor to the Board at QX Global Group with over 30 years of leadership in student accommodation. He formerly served as COO at iQ Student Accommodation, where he helped scale the business and played a key role in its £4.7B acquisition by Blackstone. Prior to that, he was Director of Residential Services at LSE, leading major innovations in university housing. David brings deep expertise across both public and private PBSA, with a focus on strategic growth and operational excellence. 

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