Role of Universities to Provide Student Housing in the US

Universities have always been the epicenters of knowledge, innovation, and cultural exchange. Beyond the primary role of universities as centers of education, they also play a pivotal role in student housing.

The United States of America is a popular destination for international freshers for higher education (HE) owing to its prestigious universities and integrated educational courses. With thousands of international applicants flocking to the country every year, the role of universities in providing accommodation has become even more critical. As the student-lets crisis continues to linger on, universities need to step up to offer affordable accommodation options and solutions to immigrant learners.

Why is the US a Great Educational Hotspot for International Students?

The allure of top-tier universities combined with global exposure makes the U.S. a popular choice for higher education. Here are some of the primary and secondary reasons why HE applicants are choosing the U.S. as their destination for higher education:

Top 5 Factors Affecting Student Housing in the US

Student housing plays a critical role in shaping the academic and social experiences of those pursuing higher education in the United States. Determining the best home option is not just a matter of personal preference; it is also influenced by a confluence of socioeconomic, geographical, institutional, and personal factors. Moreover, quality accommodations are directly responsible for improving the overall living experience of HE aspirants.

As universities continue to evolve and the learner population diversifies, understanding the dynamics that influence renting decisions becomes imperative. Listed below are a few of the common factors involved and how they affect the student housing market:

1. Higher Education Enrollments: The number of applicants enrolled at a university directly influences rental demand. A higher number of HE enrollments signifies an increased need for habitations in the region. According to the Global Student Housing Report 2023 by amber, the U.S. is a popular destination for international students, observing over 948,519 students enrolled in higher education in the country in 2022-23.
2. Student Home Location: Universities in urban areas typically have higher logging demand due to more job opportunities and amenities, attracting more freshers than in rural locations. Moreover, such locations also present better intercity connectivity and seamless commutes.
3. Academic Programs: Universities with in-demand programs like business, engineering, and medicine often see higher lodging demands from out-of-town enrollees. Reputed and prestigious universities offering integrated courses become an educational hotspot for such aspirants.
4. Rental Price: The rental price of student homes is also a factor in demand. Enrollees are more likely to choose housing that is affordable and meets their needs.
5. Quality of Accommodation: The quality of student housing is also a factor in demand. Disciples are more likely to choose accommodation that is clean, safe, and well-maintained. International applicants prefer affordable renting options and multiple room-type choices while finalizing their stay.

Innovative Student Housing Solutions & University Involvement

In addition to the factors mentioned above, universities can also play a role in the demand for student homes other responsibilities include:

1. Providing On-Campus Housing: On-campus housing not only ensures proximity to academic resources but also fosters a sense of belonging and community. A unique camaraderie and sense of security comes with living within the university's precincts. However, universities must ensure that their facilities remain modern, sustainable, and adaptable to the evolving needs of the scholar body.
2. Regulating Off-Campus Housing: A university's responsibility doesn't end at its gates. By setting forth and enforcing standards for off-campus accommodations, universities can guarantee their disciples a baseline of safety and quality. This proactive engagement ensures enrollees have better living conditions and solidifies the university's reputation.
3. Working with Local Governments: Collaborative efforts between universities and local governments can significantly enhance the student habitation scenario. Universities often act as economic engines in their regions and ultimately influence local housing policies. By proposing zoning changes or advocating for tax incentives for habitation developers, universities can help create a more pupil-friendly accommodation market.

Strategic Student Homes Solutions by Universities in the US

The elite universities, witnessing a surge in international student admissions, find themselves grappling with an intensified demand for on-campus accommodations. For example, The case of the University of Houston's recent hiccup. As highlighted by amber beat, the university's decision to delay move-in dates left an astounding 700 freshers without immediate living space. Such incidents don't just highlight operational challenges; they spotlight the pivotal role universities play in shaping the student housing landscape.

Apart from traditional dormitories, new types of student-lets are emerging, such as modular inns, co-living spaces, and university-partnered housing platforms. These options can be more flexible and affordable than dorms. Some of these include:

1. Co-Living Spaces: These are shared living arrangements where freshers have their own private bedrooms but share common areas such as kitchens, bathrooms, and living rooms. This can be a good option for young adults who want to save money and socialize with their peers.
2. Online Housing Platforms: There are also university-partnered accommodation providers, like amber, that connect students with landlords who are willing to rent to young adults. This can be a good option for those who want more flexibility in their renting choices.
3. Innovative Ideas: One unique proposal is a program started by various universities in Canada, California, and the Netherlands where the younger generation could live with elderly people for a reduced rent in exchange for providing companionship and assistance. This could be a mutually beneficial arrangement for both students and the elderly. Students would have access to affordable living space, and the elderly would have companionship and assistance.

Potential Future of the Student Housing Market

The student housing market is also becoming increasingly competitive, with more investors entering the space. The market is expected to continue to grow, and there will be a demand for new and innovative types of inns.

With a cumulative investment inflow of $6 billion in the U.S. and a high rental yield of 5-5.8%, according to amber insights, there are potentially more growth aspects expected in the U.S. student accommodation market in the upcoming years. As international enrollment grows, so does the demand for student lets. A potential solution could be a collaboration between property operators, HMOs, and universities, making it a good market for investment.