COVID-19 has driven the trend towards student housing, which favors study-type units and microunits for single occupants. Privacy has become a very valuable service, especially due to the pandemic. In addition, higher education institutions are modifying their housing policies to offer a variety of levels of privacy. The design of student housing has evolved substantially since the first American dorms were built in the 1870s as fraternity homes.
Now, student accommodation aims to accommodate all students rather than just members of the Greek system. Managed WiFi is a cloud-based WiFi network for the entire community with many access points. Unlike unmanaged WiFi, which is intended for single-family homes, managed WiFi can manage many devices at once. Package rooms allow students to pick up packages at any time, regardless of their class or work schedules.
This way, students can be sure that their expensive textbooks are safe. The main reasons that graduate students cited to explain why they would like to live in housing on campus include reasons related to transportation, access to campus resources, and financial reasons (Princeton University, 2011). The Bisnow National Student Housing Conference in Philadelphia was widely attended and, in general, its perspective on the health of student housing in the post-pandemic era. Creating spaces for students to socialize, study, rest and exercise is key in designing student housing.
In addition to the scarcity of supply, developers and investors must consider other issues, such as affordability and changes in student preferences, when building or renovating on-campus housing and competitive student housing. Stephen Bus, managing partner of Up Campus Student Living, is also witnessing this as schools build new housing. Universities, like private landlords, may be better able to attract tenants and achieve full occupancy of their units if they can provide low-cost amenities, such as food and food, through mixed-use student housing. We don't expect shared rooms to completely disappear; however, trends suggest that units that offer more privacy are becoming the residence of choice for students.
With an estimated enrollment of 20.5 million people in 2027, and given that the 175 top US universities will only be able to house 21.5% of their university students in on-campus housing (CBRE Research, 201), there are still significant opportunities for investors in competitive student housing (CBRE Research, 201). In the United States, universities are investing billions in developing student housing with luxury amenities, supposedly to attract the high-rent market. Competitive student properties that are less than half a mile from campus are pre-rented by 61.9% on average and tend to outperform properties that are further away. Finally, educational institutions, developers and private investors must carefully study the demographics of students in each location in order to offer the most suitable accommodation to students at an affordable price.
Demographics and the growing middle class are driving demand for higher education and, consequently, demand for student housing. The first 900 new beds will be delivered in 2024, making it one of the largest privately-owned student housing projects in the country. Students who run out of housing will most likely opt for nearby competitive student accommodation, which could lead to greater demand for this type of accommodation in the fall semester. .