Amber Beat: Global Student Accommodation Market News - September 2023, Week 04

About Amber Beat

Missed keeping track of all the latest happenings in the student accommodation market? Amber Beat is a weekly snapshot of the key developments in top student accommodation markets. This newsletter provides you with all the information you need to know, from new upcoming projects to current trends, news affecting students to government policies, we’ve got you covered!

Amber Beat | News from September 22- 28, 2023

United Kingdom

• UK private student accommodation sees record rent surge, average annual rent outside London hits £7,600, accounting for upto 77% of student maintenance loan allowance (1)
• Oxford's St. Catherine’s College asks students to share rooms, due to a discovery of unsustainable RAAC building material in 152 bedrooms (2)
• Over 500 student bedrooms at King's College London's Champion Hill Hall remain vacant for more than three years due to fire safety concerns amidst a lack of affordable student housing (3)
• New PBSA development with 288 student flats by Dominus aims to address bothersome behavior by introducing enhanced surveillance efforts in Glasgow City Centre amid local concerns, project to be completed by 2028 (4)
• St. Hilda’s College, Oxford, expands student accommodation with a £12 million purchase of Norham Gardens property, adding 45 beds for postgraduates and visiting students (5)
• Concerns rise over the future of Edinburgh's historic Jock's Lodge as developers appeal to Scottish Government following Councillors' rejection of a 191-bed student block plan (6)

United States of America

• University of Michigan has approved one of the country's largest on-campus student housing projects, worth $631 million. With these new residence halls in place, UM will be able to accommodate up to 3,500 more students (7)
• Eastern Michigan University's campus currently has five projects under construction, two of which are student housing residences that will allow EMU to house 1,000 additional students on campus (8)
• ‘CHF’ secures funding for a $170-million housing facility adding a total of 558 beds for graduate students at the University of Hawaiʻi at Mānoa, expected to be completed in the fall of 2025 (9)
• GREA’s National Student Housing Team sold a 299-bed student housing for $22.7 million community located near the University of Tennessee, Knoxville (10)
• “Landmark Properties” proposes ‘The Legacy on Broad’, a 28-storey multipurpose tower just south of Temple University with up to 300 units reserved for student housing (11)
• The UC Board of Regents grants $7 million in predevelopment funding for a new 1400-bed student housing development for UC Berkley. UCB intends to return to the Board in the fall of 2024 for the approval of a full-fledged budget (12)

Australia

• Surging international student influx pushes Australia's student housing market to AU$10 billion, housing costs soar by 20%, prompting the government to develop affordable housing (13)
• Byron Bay in NSW, Australia imposes a 60-day cap on short-term rentals to alleviate housing crisis amid nationwide shortage (14)

Europe

• Flemish Government allocates €226.5 million to develop 3,300 affordable student rooms to tackle housing shortage in Flanders, Belgium (15)
• Berlin plans to build 700 student apartments by year-end and 3,550 more over next three years to ease student housing shortage (16)
• Lyon Metropolis invests €3.5 million to construct 4,850 student housing units, addressing the shortfall for 185,000 students in France (17)
• Vandor plans to add 500 shared student housing units in Valencia , with €150 million investment across Spain (18)
• Aukera Real Estate secures €60 million for 'The City Tilburg' student housing project, alleviating housing shortage in Netherlands (19)
• Approval granted for a 200-bed student residence in Bolzano's Moritzing Training Center in Italy, construction to begin in 2024 at an estimated cost of €45 million (20)
• Technological University of Limassol (Tepak) to construct a €56 million student dormitory project, featuring nearly 500 beds, in an attempt to alleviate the housing crisis (21)
• Perugia addresses student housing crisis with inauguration of new pavilion, adding 122 beds to accommodate growing university enrollment in Italy (22)

Canada

• The Canadian Government’s ‘Bill C-56, the Affordable Housing and Groceries Act’, aims at eliminating GST for newly constructed purpose-built student housing and other rental properties (23)
• Conestoga College in Ontario utilizes revenue generated through international student tuition fees to provide new PBSH by acquiring a 12-storey building (24)
• Canadian Housing Minister Sean Fraser considers capping of the number of international students migrating to Canada to address the ongoing housing crisis in future (25)
• Canadore College takes action to address international student housing shortage with plans to renovate shut-down old townhouses to develop dorms (26)

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Sources:((1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), (16), (17), (18), (19), (20), (21), (22), (23), (24), (25), (26))