Amber Beat: Student Accommodation Market News - July 2023, Week 02

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 July 7- July 13, 2023

United Kingdom

• Unite Students experiences record demand as 98% occupancy observed across its portfolio, and anticipates 7% rental value growth (Yahoo)
• Landlord demands rent arears to deceased student’s family, MP outrages and calls for inclusion of clause in Renters Reform Bill to prevent parents’ hardship (Yahoo)
• Bahrain's Mumtalakat and Investcorp join forces, taking interest in UK student housing investment, aim to jointly own a student housing platform created by Investcorp (AB)
• Manchester council delays decision on controversial nine-storey student accommodation block in Moss Side, housing 261 students (MM)
• York council votes down proposal for three, four, and five-storey student accommodation buildings with 136 rooms, citing safety and overdevelopment concerns (YP)
• UK university staffs’ student work evaluation boycott leaves thousands of students in uncertainty as 145 institutions, including Cambridge and Durham, face dispute since April (TST)

New Construction (United Kingdom)

• Watkin Jones completes 286-bed student accommodation scheme in Colchester, Essex, achieving BREEAM 'Excellent' rating (DFT)
• Fortis Vision to complete £2 million 'high-spec' student accommodation in Northampton town centre by September 2023, offering 41 rooms at £135 weekly rent (NCE)
• iQ begins construction of 551 room student accommodation replacing former office block at Glasgow’s bath street, GRAHAM leads the project (SHN)
• Regal London submits plans for 941 student bedrooms and 200 affordable homes at Devonshire Place in Southwark (Housing Today)
• Balfour Beatty Investments unveils plans for 780-bed student living scheme in Coventry's Westwood Heath (BDM)
• University student housing block in Portsmouth, housing 710 rooms, to change cladding to meet post-Grenfell fire safety standards, Unite Students applies for planning permission (BBC)
• Coventry's National Mathematics and Science College set to receive new school building and 248 student accommodation rooms as part of 'The Oaks' project (CT)

United States of America

• UCLA is redeveloping 'Gayley Towers' into affordable co-living apartments, which will house up to 735 students and is expected to commence in fall 2026 (DB)
• Newmark successfully closed the sale of “Everly on the Loop,” a 428-bed student housing community near Washington University in St. Louis, Missouri for an undisclosed amount (Yieldpro)
• “Verve Columbia” a new student housing complex near the University of South Carolina, has received approval for up to 960 beds and will cost $90 million (TheState)
• Marous Brothers Construction receives approval to construct a 690-bed student housing complex on campus for Purdue University graduates at a cost of approximately $63 million (PE)
• Eastman Companies secured a $16 million loan from Knighthead to acquire a 437-unit student housing facility in South Carolina and transform it into a 149-unit multifamily property (CO)
• Rutgers University board moves forward with inflation in academic costs, as a part of their $5.4 Billion budget for the academic year 2023-24. Tuition is to be increased by 6%, meal plans by 7%, and student housing by 5% (Politico)
• The University of Illinois is looking after its students during academic breaks, the new policy provides overall support to students to ensure their basic needs are fulfilled at all costs (IH)
  

Australia

• European Pension Fund commits $200 million to the Australian housing sector, capitalizing on the supply-demand imbalance, with a target return of 6-8% (CRE)
• Australian millennials are struggling with a housing crisis as debt goes up to $16,000, delayed marriages, and rising rental prices are spurring political change (BI)
• Housing crisis in Australia leaves thousands of international students struggling to find accommodation, NSW minister urges universities to take responsibility (Erudera)

Europe

• New Meteor UAM student dormitory welcomes in Poznań, accommodating 400 students, featuring a gym, mini market, and playing fields (WPZ)
• Sinnott's nightclub in Waterford is to be transformed into a 38-unit student accommodation with communal facilities proposed (Wlrfm)
• New state-of-the-art student residence coming to Clermont-Ferrand with 463 beds and modern facilities at Kley Residence by 2024 (LT)
• The Pontoneros student residence is in the last stages of construction, with 340 rooms and a wide range of amenities (Heraldo)
• An Bord Pleanála grants approval for controversial student apartments adjacent to Munster Technological University in Cork with a total of 205-bed to be built (IEM)
• Donegal County Council approves construction of 28 new student bedrooms in Letterkenny, easing accommodation shortage (Donegallive)
• EQT Exeter and Grupo Moraval are set to add two new student residences in Madrid, along with nine additional openings in Spain (Brainsre)

Canada

• A 532-unit private student housing project proposed by Aventus Developments near the University of Guelph will potentially include purchased condominium units (guelphtoday)
• Guelph City Council acts on the housing crisis by holding a special meeting as the first step toward solutions. The meeting aims to update and brainstorm solutions for upcoming and ongoing projects (guelphtoday)
• University of Calgary Students' Union calls for urgent action on the affordable housing crisis as rent soars by 12.7 percent annually (globalnews)
• International students' housing crisis forces Canadian universities and policymakers to reassess their goals (erudera)

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