Insights into 2024: The Latest Student Housing Trends You Need to Know

As the student housing market rises with the demand for off-campus student accommodation, it’s important to understand the trends and effects it has on the students, investors and newcomers’ real estate. In this blog, we are going to explain the trends and the reasons why it’s happening in the housing market. Whether you want to invest, buy or be a developer for student housing, get to know these latest trends below:

Huge Investments in Student Housing and on the Rise  

There is a rise in investment in student accommodation worldwide as more students are aware of the existence of off-campus student accommodation. The sales have gone up from 2020 to 2022, and it is rising with the years of demand for student housing among international students. It is not surprising that about 22.8 billion were sold in the year 2022, doubling over the previous year. It is expected to grow by 594 million due to the limited seats and supply in universities across the globe.

Student Housing Meet the Needs and Requirements of the Students 

There’s a growing preference among students for off-campus student accommodation in London and other places across the world as it offers independence and privacy. Additionally, at the same time, the low cost is another attractive feature of these private student housing as compared to uni campus housing. Another great feature of student accommodation is the proximity of student accommodation to the university campus.

Great Facilities are Simplifying the Life of Students

Student housing simplifies the life of the students studying abroad through facilities such as fitness centres, laundry rooms, wi-fi, dishes, high-speed internet, etc. To enhance the living style of the students, property management should use smart locks for safe living and mobile apps for service requests such as maintenance and package deliveries.

Single Occupancy is the Most Sought-after Type of Accommodation

With the option of single occupancy, many students opt for this as this is one of the top priorities for students. It gives students the freedom, privacy and independence to live life according to their own requirements.  This single occupancy comes with private bedrooms and bathrooms. Only 5 % of student housing offers double occupancy as there’s more demand for single occupancy by international students. There’s a shift towards more private rooms which is why property management should consider this trend!

Rise in Demand for Eco-friendly Features in Student Housing

The students of this generation are more socially conscious and prefer student housing that offers environmentally friendly features. Many students’ accommodations are of course starting sustainable initiatives by installing features like energy-efficient appliances, solar panels, smart thermostats, electric vehicle charging stations, and recycling programs. By implementing eco-friendly student housing, it will attract students of this generation and help save the climate and environment.

Increase the Safety and Security Measures

Safety and security measures are a top priority and need for students. As property management businesses, you should know that it’s paramount in student housing for parental concerns. Therefore, as property management businesses, you should consider marketing properties effectively to build trust for the parents, students and community. There should be innovative security solutions installed in the student housing such as surveillance cameras, keypads, intercoms, and access control systems to provide a safe and better overall student living experience.

Growing Demand for Flexible Student Housing Options

Over the years, there’s been a rise in the demand for flexible student housing options from students who come abroad to study part-time. Most of the students who come on an internship or study short-term courses require a short-term stay in London or anywhere else. There’s a need to increase short-term housing to make it convenient for students who require short stays.

Community and Co-living are a Trend Among Students

Being far from home is never easy for any student, but the discovery of co-living and community-focused spaces is easing the life of students to live harmoniously with together with the student community. Shared spaces and amenities are becoming popular among students inside and outside the property. Property management should initiate and foster more community-building events, and activities and create communal areas such as rooftops, movie space, etc to bring positive experiences for students.

Here are some useful resources that you can utilize in the student housing market, and real estate management businesses:

Be in the Know of the Student Housing Market  

To know the latest trends, needs and requirements of the students, it is important to stay updated on the market reports and data analysis through accredited real estate publication websites that state the data, trends and insights of the student housing market. They provide the best insights into the market of real estate.

Collaborate with Colleges and Universities 

There’s no better place where you can get information than colleges and universities. Attend the events, and fairs and connect with students. Building and networking with the uni and colleges can provide you access to student housing resources. Universities have the resources and programs to assist students in finding and supporting them in off-campus student accommodation. Through collaboration, there’s a mutual benefit for both parties.

Network and Engage with Student Communities 

The best way to connect with students is by leveraging social media platforms. There are tons of student groups and communities where you can showcase your property and use social media platforms as a tool to create a positive reputation for students through excellent customer service and community-building initiatives. Respond promptly to inquiries, address concerns, and organize events or activities that foster a sense of community.

Conclusion

The student housing market is getting competitive and as real estate management businesses, it’s important to stay up to date with the needs and preferences of the students. Through the student housing trends and resources, you will understand the market better and attract and retain student renters easily. End of it all, whether you are providing students with a student home, and modern facilities, implementing sustainable practices and flexible short-term stays, utilizing the resources will help you in the long run thrive in the student housing market.

Also Read: CAT 2024 Syllabus