Are you a student looking for a place to stay during your studies? Are you a parent searching for housing amenities for your child joining the university? Well, you might have realized that the demand for housing facilities is high. This article will learn more about why the student housing segment is growing.
1. Acute Deficiency of Campus Accommodation Facilities
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2. Demand For Convenient and Hussle Free Housing
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According to FE Online. (2019, September 2) In India, there are an estimated 35 million students enrolled in higher education, yet only 20% have access to housing on their university campuses. As a result of the shortage, a mostly unorganized industry has sprung up to provide students with improvised housing options. These lodging alternatives lack common criteria for rent, security, and amenities provided, among other things.
3. Demand For Furnished Housing Amenities
Multiple students want mobility, and furnished flats play an important role in that movement. Furnished flats are an excellent option. They provide a nice living environment without the need for long-term furniture and houseware. Moving from one site to another also saves a lot of time. Therefore, furnished housing is the best choice for students to settle with much ease.
When a new work opportunity arrives, millennials are ready to pack their belongings and go. Although houses and apartments seem to be more costly, they provide a sophisticated living environment in the most sought-after, dynamic areas. Many downsizing boomers traded up their suburban family homes for the conveniences of city living, such as theatre, shopping, and dining.
4. Branded Housing
Students nowadays choose communal living quarters with common amenities, flexibility, and comfort. Known as ‘Branded Living,’ it seems to be the way of the future for student housing, offering much more than simply a place to sleep. Students may now access shared amenities such as common rooms, pubs and restaurants, gyms, and outdoor or rooftop classes. ‘Branded living,’ in addition to the apparent benefits, is also a socially good experience, as it allows students to exchange ideas, study, and retreat.
As a result, loneliness is reduced, and a feeling of community develops. The increased desire of a younger generation to keep an urban lifestyle is reflected in branded living. The growth of student housing is changing the way teenagers and young professionals live in cities throughout their studies and afterward.
5. Demographics Accurate Demand
The current demand for student housing far outnumbers existing infrastructure and service capacity. It is one area where the real estate industry might see a substantial boost in activity and development. Both commercial and residential properties are popular for property investments. However, the housing market is facing an excess supply of space due to the current economic condition, including significant inflation.
Millennials’ requirements are vastly different from those of previous generations. Students nowadays are searching for upgraded amenities and high-quality services that offer social areas, exercise, and a variety of other activities to enhance their living experience. Student housing as an investment class might be appealing for various reasons.
As long as students and parents don’t run out of money, the student housing industry will thrive. If colleges want to compete for the approximately 70% of graduating high school students who enroll in college, they must improve their student housing game. Even in places previously considered unfriendly to student housing, universities invest in student housing growth potential.