Amber Beat: Student Accommodation Market News - July 2023, Week 03

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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 14- July 21, 2023

United Kingdom

• UK student accommodation sector experiences 67% investment cuts compared to first half of 2022; high demand in sector may outpace 8% inflation rate (Bisnow)
• UK government to limit the student intake for poor quality courses to avoid substandard employment outcomes (JEP)
• Benham and Reeves's research reveals only 4% (40,496) of rental homes available for letting in London out of total 1,009,266 units (MS)
• Bath MP Wera Hobhouse expresses concerns for the quality of student housing offered in the city, saying, “Students deserve to feel safe and comfortable in their houses” (SL)
• Private equity firm LDC makes minority investment in Sheffield-based Unihome’s student accommodation advertising platform  (IM)
• Nottingham City Council draws Supplementary Planning Document to control the amount of high-rise student accommodations and to avoid plausible division between city centre and neighbouring areas (NHP)
• Leeds Councilors raise concerns about rising student accommodations in the city as students tend to stay short-term, leaving town empty post-move-out. Council to assess housing needs across the city (Yahoo)
• Proposal to convert old stone building in Kegworth into 6-bedroom HMO meets local opposition due to parking unavailability (LM)
• Owners of Durham’s Prince Bishops Place plan to convert the shopping centre into student accommodation due to 30% vacant retail units (BBC)
• Q Investment Partners to fund 350-bed student housing scheme at the quarter next to Newcastle University's Helix Innovation District, project to complete by 2025 and to be operated under Prestige Student Living (IM)

United States of America

• Landmark Properties successfully acquired a 1,290-bed student housing facility in Baton Rouge, Louisiana (Rebusiness)
• After 5 years in progress, the "Uptown Sky Apartments Project," a 61-unit affordable student housing in Tampa, Florida, to hold its grand opening on July 21st. The project has already received 2500 student applications (Baynews)
• Napa Valley College’s student housing complex hits its halfway milestone. The facility to house 588 students and expected to commence in the 2024-25 academic year (PD)
• Mosaic Investment Partners capitalizes 260-bed student housing facility, “USC Expo” for the University of Southern California with joint venture equity arranged by JLL (MHN)
• The planning commission approves a new student housing complex in New Kensington with up to 15 apartments (Triblive)
• Affordable student housing might be a far-fetched goal for Cabrillo College and UC Santa Cruz as the expected $100 M grant changes into a revenue bond (Kion)

Australia

• Iglu and UNSW plans for a massive student village in Sydney's eastern suburbs, adding 1,066 apartments across 23-storey buildings, with an investment of $243 million (UD)
• Y Suites expands student accommodation options with new locations in Sydney and Canberra, easing housing challenges for international students (MCB)
• Amidst a rental crisis, the Institute of Public Affairs reveals that international students are expected to occupy 25% of Australia's new homes in 5 years (News AU)

Europe

• Record number of students on waiting lists for accommodation in Norway as rental market tightens, over 7,000 Students in Oslo waiting list alone, with a 12% increase as compared to last year (thelocal)
• San Donato Group invests about €60 million to convert the Former Galeazzi Hospital in Milan, Italy, into a student residence, providing 450 rooms and 70 apartments for university students (Leggo)
• Student housing shortage persists in Angers, France, despite the construction of two new residences providing 510 rooms near the Saint-Serge campus (Ouest-France)
• Modena in Italy addresses the student housing shortage with 46 new residences near completion, 73 new under construction at Sant'Eufemia, and plans for 96 more in Via Bonacorsa (MT)
• Government commits to convert old prison in Palma, Spain, into student residence, ensuring continued funding for University of the Balearic Islands Programs - 355 million investment confirmed until 2026 (DDM)
• New student residence in Villeneuve-d'Ascq, France offers all-inclusive services and reaches full occupancy for 2023, plans are underway for a second residence in the coming year (HDF)

Canada

• Calgary's rent prices skyrocketed 34% in just one year, putting the territory in the top 10 most expensive rental markets in the country (dailyhive)
• Due to inflation in rent by 13% in Alberta, University of Calgary students are forced to take desperate measures and live in cars (calgaryherald)
• Massive off-campus student housing "GEC King Edward" is fully constructed near Vancouver's SkyTrain King Edward Station, accommodating 188 post-secondary students in 44 units (dailyhive)