As we roll into 2024, the student housing sector in the USA is still in high demand and shows no signs of slowing down. In fact, estimates show that if current college enrolments continue as they are, by the time we hit 2030, student numbers will have increased by 277% since the year 2000. Not only that but there has also been a 3 million strong increase in international students since 2019… and as we all know, these students need a place to live.
So, we know education is clearly still a key focus for everyday Americans, and housing these aspiring young professionals is meaning demand is quickly surpassing current student housing stock. But is the demand for student accommodation the only trend to be aware of in 2024?
We’ll breakdown 5 key trends that we think could shape the student housing market in the US this year. Ultimately, these trends reflect broader societal shifts and evolving preferences among college students, which we think should influence the design, amenities, and management practices of student housing properties in the US in 2024:
1. Sustainability and Eco-Friendly Features.
This is by no means a new trend for the student housing sector, but as we enter 2024 the heat is both literally and figuratively increasing on investors and developers in the market. In other words, if you continue to look away from sustainable, green and eco-friendly features in your properties, it could affect your retention numbers.
Modern day college students are climate aware, and have an increasing understanding of environmental issues, so it’s key that in 2024 those professionals shaping the sector – whether that be designing, building, investing, or running student housing properties – focus more on sustainability, incorporating features like solar panels, energy-efficient appliances, and eco-friendly building materials to attract environmentally-conscious students. Not only that but introduce smart technologies that give students an active role in making environmental decisions.
2. Technology Integration.
As technology continues to advance, student housing providers should invest in smart technologies, smart features, and amenities such as keyless entry systems, smart thermostats, and communal study spaces equipped with the latest tech tools to enhance the overall living and learning experience. It could be as simple as smart lighting to save on energy consumption in unoccupied spaces, or as complex as smart heating devices to enhance energy control in a building.
Ultimately, this is a generation that have grown up with digital technologies at their disposal, so they’re used to using technology to enhance their living experiences. Why should student housing be any different! Resident-centric apps like the Utopi Resident App are designed to put insights into the hands of students, to help drive sustainable change and enhance understanding with real-time, data-driven technologies – don’t be afraid to incentivise and inspire this audience. After all, real change can only come from a community approach. But more on that below…
3. Flexible Living Arrangements.
Since the Covid-19 pandemic, the way we work and live has vastly changed. More people work flexibly between home and the office now than ever before, and it’s also shifted the way education looks too. With the introduction of virtual tutoring, and online coursework, flexible study is just as common as working. So why would flexible living arrangements not be the next big thing for students?
The demand for flexible living arrangements may rise in 2024, with more students seeking short-term leases, co-living spaces, or even options for subletting. This trend could be driven by the growing popularity of remote and hybrid learning models, but also matched by the desire for more freedom and mobility among students. It’s definitely one to keep a close eye on!
4. Wellness and Mental Health Support.
As with any landlords in 2024, whether that be student housing operators, site managers or property managers, wellness and mental health still has to be a top priority. In the context of student housing, it’s key to prioritise things like wellness amenities and services aimed at supporting students’ mental and physical health in new build developments or look to retrofit existing properties to enhance these facilities for students. This could include on-site fitness centres, meditation rooms, counselling services, and programmes focused on stress management and self-care.
5. Community Engagement & Social Spaces.
Closely connected to our previous trend, community engagement should be a key focus for everyone in the student housing sector in 2024. A community-first approach will not only engage your residents on better living and enhance retention, but it also allows you to feed off a socialised network of students that can be a real asset to operators and site teams.
It’s all about recognising the importance of social connections and community building, so student housing complexes could offer a variety of communal spaces on site, like pool tables or cinema rooms, or even games nights for residents. It could also stretch to organising team activities designed to foster interaction and collaboration among residents. After all, we know international student numbers are on the rise, and finding ways to foster a community approach will ensure residents thrive in student housing and we can see a productive, fulfilled workforce moving from these thriving campuses to professional life.
One thing is for sure, 2024 will be another strong year for the student housing sector in the US and beyond. So, watch this space, and see how Utopi can make an impact on these thriving campuses.
Author: Ben Roberts, Chief Growth Officer and USA Lead. Get in touch with Ben today: ben.roberts@utopi.co.uk