Student Housing – Next Step in Real Estate Evolution
Today, most Indian college students (80 percent) live off campus, which poses a challenge for academic institutes \ universities who want to blend academics with student life, and create more opportunities for students to collaborate and learn from each other.
According to Jones Lang LaSelle, the student housing market is expected to rise to ₹160-180 billion, based on data on student loans, capacity shortage and parents’ growing willingness to spend. The student community depends heavily on in-campus hostel facilities which, are inadequate in most educational institutions. This prompts many students to search for paying-guest or rented facilities in the vicinity of their colleges and institutes.
Students today are not merely interested in four-walls but are looking for Co-living facilities that offer a private living space coupled with shared facilities such as laundry, gym, Wi-Fi and common kitchen and housekeeping, among others.
This generation of students are growing up with smart-phones in their hands, and they live in a completely different realm of digital engagement. The goal is to create a space that capitalizes on the energizing and engaging students where they will live, thrive and study. First and foremost is the need to understand this generation in order to design a creative student housing that they can call home. Some student housing are opting for an amenity-heavy approach, while others are more cautious and considering affordability with a safe and secure environment.
If we see in USA, Campuses are looking for ways to include collaborative spaces, incorporating learning environments, bedrooms are getting smaller in many designs, but social spaces are growing larger. The academic living is not limited to the four walls of the bedroom. The students desire a higher quality of hospitality with space to meet people, collaborate, learn and play, spaces that will enhance the social living experience to support and improve academic and personal growth.
For instance, student housing project in London, Gensler has developed a room design that is clean and simple, allowing the students space to work privately, providing a larger than average size bed and all fit into 14 square metres, with natural ventilation, in a London high-rise.
Recent campus housing surveys show that most students want to be close to campus—within walking distance where ever possible. They also desire facilities such as laundry, housekeeping, security and high speed Wi-Fi to be included in their monthly outgoings at affordable rates. A survey by our team reveals that teens are looking for these top elements in a living space:
Ability to reconfigure a room;
Latest technology integrated into the space;
Being able to personalize a space;
Privacy within the sleeping quarters but large communal sharing spaces;
Comfortable furniture that looks modern;
Spaces to socialize such as dining area or lounges;
Rooms that easily can be connected to the outside shared spaces.
Student housing must create environments that are highly conducive to student learning. Shared studying spaces and computer rooms are necessary.
Student housing in india is changing to privately owned, off-campus, and purpose-built. The typical unit configuration is a suite with common space for living and cooking and private bedrooms, each with dedicated bathroom. Most properties offer furnished units and utilities are included in the rent.
Today, most Indian college students (80 percent) live off campus, which poses a challenge for academic institutes \ universities who want to blend academics with student life, and create more opportunities for students to collaborate and learn from each other. University desires for student housing can be summed up this way:
Blend learning and living;
Want students to engage in out-of-class learning, bonding and sharing ideas;
Allow for mobility in studying and collaboration;
Innovative, flexible common spaces and informal learning settings—are high priorities.
Thus, student housing offers increased safety, superior amenities, faster Internet, and greater proximity to campus.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house