- Is Student Housing Still A Good Investment?
- Student Housing Post Pandemic
- Trend 1: Communal And Private Living Spaces
- Trend 2: Focus On Student's Mental And Physical Health
- Trend 3: Going Green With Focus On Sustainable Living Dorm Amenities
- Trend 4: Use Of Smart Technology To Improve Living Experience
- Trend 5: Innovative and Diverse Unit Types To Help Cater To Different Needs
- Future Of Student Housing
Higher institutions are always under pressure to provide housing that meets the requirements and expectations of new students.
Building facilities that support interaction, participation, and good academic performance has continued to be a difficult thing to achieve. Especially with the dynamic student housing patterns that exist.
However, the effect of COVID-19 in student housing and campuses across the country and overseas complicates an already daunting set of issues.
Let's look at the newest student housing trends that are influencing the industry's survival. Understanding these patterns can aid colleges, universities, and student housing agents in creating safer and smarter structures that will increase student health and retention rates.
In this article, we are going to break down some student housing trends for you to better understand the strategic steps that you can take for your student housing success.
Is Student Housing Still A Good Investment?
Before anything, give yourself some credit for even taking a risk to consider investing in student housing and eventually getting high returns in real estate. Student housing is a great asset type that has shown to be extremely profitable.
To date, it is one of the safest investment options and the current coronavirus outbreak and recent economic downturn have validated this notion. Some investors warn that investing in student housing is dangerous.
It is easy to understand why some individuals feel this way, but in reality, student housing is a significant money-making component.
Despite the fact that living on campus is considered the generic college experience, only around half of the first-year students at four-year universities live on campus.
According to Robert Kelchen, only 36 percent of first-year students at public four-year universities. 49 percent of first-year students at private nonprofit institutions live on campus, while only a few community colleges and for-profit colleges provide campus housing.
Apart from the more than average numbers, because of the volume of people that apply and gain admissions into universities every year, it is safe to say that there is still a very high chance of your student housing property producing high returns.
Multi-Family Or Blended Models
Multi-family housing is a structure or complex that consists of multiple different houses in which various families live separately. The most typical example is apartment complexes, although multi-family residences may be built in a number of different ways.
If you haven't, consider a shift to multi-family or a blended model that targets both university students and non-students to fill vacant spaces.
This is a win-win situation anyway because, for students seeking privacy in their homes, small, shared bedrooms and public toilets in midcentury dorm buildings are no longer satisfactory.
The majority of students choose deluxe housing designs and private rooms including in-room restrooms.
Though blended model housing is a trend that any student housing operator should emulate, there are few projects that individual bedrooms and bathrooms are not recommended for the unit design. This is with the exception of metropolitan markets of course.
Managers are using facilities like garage/parking lots, sundecks, gyms, dog parks, and lazy rivers, to entice potential renters as part of a new focus on multi-family buildings. These eye-catching features, however, aren't what keep students coming back.
Yes, it is true that if you're trying to attract multi-family customers, you need multi-family facilities, but location and pricing are the most important factors for students and non-students.
Students seek a hip, budget-friendly living environment where they can study, interact, and unwind. The basic facilities that make up a successful student housing complex include study rooms, high-speed Internet, and accessibility to university.
Student Housing Post Pandemic
Today's university and college administrators, as well as student housing managers, are confronted with several new issues.
In general, the most part of the list is of urgent issues, focused on protecting students' safety and health against COVID-19, preventing viral infection in housing facilities, and making facilities services cost-effective effective.
Because of the pandemic, a lot of colleges and institutions have put a hold on on-campus accommodation.
So, here are some of the significant factors influencing the student housing business as a result of the pandemic.
New home rules have been implemented
The effects of the coronavirus epidemic are still being felt throughout the globe, influencing practically every aspect of our life.
University and college students' second houses have undergone a variety of adjustments, ranging from limited occupancy and the wearing of face masks to social separation and disinfection procedures.
Improved sanitary measures
COVID-19 has begun a completely new set of sanitation practices for school housing managers and staff to achieve greater efficiency in minimizing the spread of the Coronavirus inside student housing facilities.
These new best practices should at the very least include:
Using hospital-grade electrostatic sprayers to decontaminate frequently-touched surfaces.
Installation of high-efficiency particulate air (HEPA) filtration devices.
Requiring all personnel to wear personal protective gear on a regular basis.
Frequently disinfecting common areas and facilities.
Now that we have discussed some trends in student housing post-pandemic, it is time to discuss major general trends in student housing.
Trend 1: Communal And Private Living Spaces
Contemporary student housing ideas include flexible study rooms, cafes, laundry rooms, kitchens, clinics, and leisure areas with comfortable furnishings to correspond with this purpose of engaging students.
Students can use these indoor locations to do assignments, socialize, and have fun without interfering with their privacy.
As a result, student housing should provide places that foster friendships while also helping students succeed academically outside the privacy of their apartments.
Also as expected, the outbreak of coronavirus has raised the demand for privacy in student housing all over the world.
The previous preference for big-group units for six-person apartments has shifted to micro-units and studio-type dwellings, as well as single- and double-bedroom flats.
Many colleges have abolished shared bathrooms in residence halls. Several schools are also limiting the number of students sharing a room.
Student housing agents now provide apartments that give students privacy and noise control. Some institutions and student housing landlords even provide spa facilities with private showers and toilets for the student's convenience.
In an effort to accommodate all types of students, further adjustments are on the way.
Trend 2: Focus On Student's Mental And Physical Health
It is a given that students require free time from their schoolwork in order to interact, improve their mental health, enhance their physical health, establish relationships, and build on existing ones.
As a result, student housing should provide mental and physical health facilities like clinics, outdoor games facilities, places to hang out, and psychotherapy spaces.
Students just want to be sure they can maintain their physical and mental health even while doing something as overwhelming as studying in a higher institution.
You should jump on this trend because most student housing today includes features like innovation incubators, pool tables, basketball courts, libraries, green screens, medical labs, and other similar spaces.
Even better, colleges are developing outdoor areas to accommodate a variety of educational, social, healthy, and leisure activities.
Trend 3: Going Green With Focus On Sustainable Living Dorm Amenities
What is sustainable living? Sustainable living is a concept aimed at practically reducing the personal and societal impact on the environment by implementing positive adjustments that combat global warming, climate change, and other harmful environmental problems.
Simply put, sustainable living is a strategy for lowering one's "carbon footprint."
Before the pandemic, students were particularly concerned about the environment.
They grew up in an age when knowledge was readily available, and they aren't strangers to debates about the need for environmental preservation. As a result, they understand the importance of sustainability and are prepared to keep the fire blazing.
Universities and other student housing agents don't want to be an obstacle to long-term viability. Several schools and universities are leading the way in this transition, attempting to include green elements into their student housing designs.
So incorporating sustainable living into your facilities as a student housing landlord would be a great idea.
A good example is to considerably minimize your need for energy supplies by switching to CFL light bulbs in your student accommodation, as well as employing sunroofs and more natural light.
Using more durable, energy-efficient light sources also minimizes the amount of garbage that needs to be disposed of.
Another example is by encouraging taking public transport and bicycles to places that are not that far, this way, you can avoid the parking of too many cars on campus.
Trend 4: Use Of Smart Technology To Improve Living Experience
We are, without a doubt, living in the golden age of technological advancement.
We've progressed from depending on wired phones for most of our communication to small computers in our pockets that are capable of thousands of parallel communication operations in the last few years.
It is a major trend to use the internet of things appliances (smart home automation) to improve living experiences for tenants in student housing.
So what is smart home automation? Any collection of gadgets, appliances, or systems that link to a common network and can be operated independently and remotely is referred to as smart home automation.
When your house's technology is integrated into a single system, it can also be referred to as a "connected home". A good example is when your home's lighting, speakers, TVs, CCTV, locks, and more are all integrated into a single system that you can operate with your phone or a mobile touch screen device.
Trend 5: Innovative and Diverse Unit Types To Help Cater To Different Needs
A housing unit is a single unit within a larger structure that can be used to do regular living activities like eating, sleeping, and so on, by an individual or a household.
The unit might be in any sort of housing, including a house, apartment, bungalow, or container home. It can also be a single room in a group of rooms. Variety they say is the spice of life.
When you include different types, sizes, and prices of housing, with different facilities, to cater to different demographics, your student housing becomes an inevitable choice for different types of people.
Except it is for a very important reason, you don't need to have similar structures throughout the same complex, because you are not going to be catering to similar students throughout your student housing.
It's no longer unusual to come across a housing complex that combines quad-style, apartment-style, studio-style, and family flats. Diverse unit types are your best bet to appeal to different living preferences.
Future Of Student Housing
In addition, gender-neutral housing is fast becoming popular in the student housing sector, and many seem to be enjoying the trend.
Subsequently, a lot of people would employ this strategy and it is looking good for the future of student housing. Institutions have figured out a method to offer co-ed accommodation while maintaining student privacy.
When it comes to restrooms, for example, some co-ed dorms have gender-specific showers. Aside from that, there are other common places where you may cook, lounge around, or study.
Without a question, the global health issue has prompted long-term changes in the way student housing is built, maintained, and occupied.
Aside from verifying that every student follows health regulations to the letter, student housing will likely eliminate traditional large-group quarters in favor of single and double occupancies.
Similarly, when a new generation of students enters universities and colleges, everything regarding student living has evolved. Gen Z students, unlike previous generations, have their own set of demands and lifestyle choices.
The newer generation's conduct and lifestyle are unlike anything we've seen before.
Gen Z has been impacted by modern technology since birth, and as a result, they are quite picky about the facilities provided by college communities and residences.
Increased privacy, comfortable and computer-enabled study areas and car-sharing services are just a few examples.
The new generation's lifestyle preferences have a significant impact on the trends and student accommodation statistics we've reviewed. Furthermore, current technology's curiosities play a key function in the industry's adjustments.
Student housing operators have been able to build products that are not only matched with student demand but also robust to downturns in the economy by taking these aspects into account.
Unfortunately, nobody can categorically tell how the student housing business will do in the future. All you can do is be observant and open to any changes.
Finally, don't forget to leverage on a Student Housing Management Software to help you better manage your operations, increase your marketing exposure and boost your revenue. Schedule a call with us to learn more!