Firms like Nelson Partners conduct research in various industries to understand market trends and come up with forecasts. Below offers the top eight student housing industry trends for 2022, which will help you to stay ahead of competition in this ever-changing global economy.
1: Dormitories Will Become Obsolete
The days of living in dormitories are numbered. With the increased costs due to decreasing enrollment and the change in consumer habits, school administrations will be forced to close these old housing structures. In their place will be new, high-end housing for students who can afford to pay the high rent. This is good news for developers as they can now target those with higher disposable incomes and lower costs of living.
2: Shared Living Will Become More Popular
As the cost of living continues to climb, students will be looking for new and unique housing opportunities. Developers can take advantage of this trend by building shared living spaces that offer students a tranquil and low-cost environment while offering amenities such as kitchens and convenience stores. These spaces allow students to live with friends in a secure environment, which lowers costs and provides more bonding opportunities.
3: University Towns Will Become More Dense
As more students flock to universities, town administrators will have no choice but to create new housing within the university. This trend is already being seen with university towns such as Ithaca, which has begun to gradually morph into a college campus that is completely occupied by students with little or no room for permanent citizens.
4: More Students Will Rent Furnished Apartments
For many students, it is necessary to study abroad. This trend has led to more students renting furnished apartments upon their arrival to a new city. Instead of spending money on shipping all of their belongings overseas, they are now leasing fully-furnished homes that include upscale appliances and fixtures.
5: Boutique Student Housing Will Gain Popularity
The demand for boutique housing is growing steadily. As students push back on how college campus living has changed over the years, they are demanding more upscale amenities and community events. Developers can take advantage of this trend by building unique student communities that cater to their every need, including high-end housing, top notch food services, rooftop lounges, movie theaters, and pet spas.
6: The Rise of Student Ghettos
As enrollment continues to climb and students seek more affordable places, the housing market is experiencing a rise of student ghettos. These areas can be found within university towns and cities with high concentrations of universities, such as Boston, Baltimore, and Philadelphia, where low-income apartment complexes outnumber traditional homes.
7: The Emergence of Student Tech Towns
As more students flock to universities, the housing market is beginning to see the emergence of new towns that cater to student needs. These towns are specifically designed for educational institutions and allow developers the opportunity to build high-end housing while catering to future employers. This trend can be seen across California, where cities like San Diego and Irvine are already catching on with the emergence of startup companies and incubators.
8: The Growth of Private Student Housing Communities
The growth of private student housing communities is burgeoning at an unprecedented rate. With more than 1 million students renting privately, the demand for these spaces continues to grow each year. This trend can be seen within university towns with strong economies, such as Austin and Los Angeles, where developers are able to create luxury housing that caters specifically to students needs.