In the wake of an uncertain market, partly distorted by a nearly two-year old pandemic economy, the student housing construction projects appear to be on the rise for 2022.
According to the publication Multi-Housing News, “pent-up demand for in-person academic experiences, coupled with international foreign travel resuming,” have sparked a return of students on campuses nationally, “boosting the housing sector at the same time.”
The demand for new student housing gives every sign of being national, with the popularity of studio, single room and spacious double room units expected to remain strong throughout the year.
A possible outlier trend, notes the publication, is the impact of the green movement among students who in many cases were born after the year 2000. “Students want to have access to fresh air and daylight as much as possible, and they value outdoor and open spaces more than ever,” observes the publication.
The publication Building Design + Construction sees a similar trend demanding “social spaces” where students can work, as well as spaces for gaming, “as a majority of this generation say they game at least once a week.”
That the demand for student housing is more than theoretical is seen in the latest numbers compiled by the Scottsdale, Arizona-based research company Yardi Matrix showing that among the nation’s top 200 colleges and universities, pre-leasing underway for this coming fall is currently almost at the 27% mark, nearly double the figure recorded during the same time period in 2020.
Student housing construction projects announced just this month, meanwhile, include a $70 million student learning and living facility at the University of Hawaii at its Manoa campus; a $147 million student housing project near Florida International University in Miami; and $15.6 million apartment complex in Ithaca, New York, providing housing for the students of Cornell University.
By Garry Boulard
