Student housing needs are evolving, and the industry needs to keep up. Nelson Partners is a company that specializes in developing student housing, and they have seen the changes in needs.
There are now more students who are looking for on-campus living options. This is partly because of the increase in online courses. Students don’t feel the need to live on campus if they can go straight from class to home. The other reason students are moving off-campus is the cost. In many states, student loans aren’t enough to cover college expenses. This forces students to seek out alternatives.
Student housing providers are starting to acknowledge this shift in demand for on-campus living options. Over 46% of student housing providers are planning some form of on-campus housing option. This includes both construction and acquisition of off-campus properties.
According to Nelson Partners, a new type of apartment has hit the market recently. They call it “hybrid student housing.” These can be described as luxury apartments for students, including living spaces and classrooms. There are also specialized housing solutions like “micro-housing.” This is a new way for students to live productively in small spaces.
The demand for student housing doesn’t seem to be slowing down anytime soon. Student debt has tripled since 2000, and it looks like this will continue to explode even further out of control. There are some innovative ways to keep up with student housing needs for the time being. Here are a few examples:
1) On-campus living that includes a variety of amenities
Housing and amenities are becoming more important to students. They no longer just want a place to sleep at night. They want a place with social activities, study spaces, and fitness options. This is why many student housing providers are building on-campus living options that include a variety of amenities.
2) “Micro-housing” for those who want less space
As stated earlier, the demand for more on-campus living options is increasing. However, not all students are looking for a full apartment or house for themselves. Instead, some students want less space, and this is where “micro-housing” comes into play. These are housing solutions that provide just enough space for students who want to live alone but do not have to pay for it.
3) On-campus housing that includes classrooms and social activities
On-campus living isn’t just about sleeping anymore. Some students would like to also take advantage of on-campus resources like classrooms and social activities. This is why Nelson Partners suggests that “hybrid student housing” will become popular in the near future. These are apartments that include living space as well as classrooms and social activities.
4) Student housing that caters to specific types of students
As mentioned earlier, student debt is a huge issue right now. This is forcing students to find new ways to cut costs. One way that providers are doing this is by catering to specific types of students. For instance, some communities cater to veterans and students with families. This can be a better option for some students because they will have specific amenities and resources to take advantage of.