United State campuses are expected to host a million more college students than they today over the span of next ten years. For the purpose of meeting this steadily growing demand for student housing, a number of college and university markets are witnessing a proliferation of multifamily development projects. These projects are developed by many well-established companies, including Nelson Partners, and tend to be driven by the attractive prospect of enjoying higher revenues and steady occupancy.
Many universities and colleges today are enticed by the notion of outsourcing student housing projects on campus. However, they need to understand that developers and brokers interested in serving the student housing market must pay attention to multiple factors that tend to differentiate student housing from other types of multifamily segments. Most well-established companies like Nelson Partners are well acquainted with its differentiation and have a good understanding of how to navigate this market.
There used to be a time when student housing referred to shabby rooms and overbearing landlords. However, the scenario is gradually changing. Today student housing has emerged as an important component of the real estate segment. Numerous modern investors are opting to seek out rentals from their property investment.
Student housing represents a lot more than where the students live. For a number of college goers, their residence tends to provide an environment where they get the opportunity to meet new people, connect with their communities and develop lasting relationships, all while seamlessly supporting their academic goals. The look and feel of a student housing property, as well as the experience it provides to the residents go way beyond in-unit features and amenities. The place where a student lives ultimately plays host to a number of academic, cultural, and social explorations that support their development, as well as helps in driving a major impact on their overall satisfaction levels with the college experience.
Similar to most of the other industries, Covid-19 has also impacted the student housing segment to a substantial extent. Operators today are witnessing the benefit of increased interaction and collaboration with the local universities whose students they serve. As an increasing number of universities are now adapting to their brand new reality in terms of housing, social distancing, and mental health, a good number of off campus operators are gradually learning that they can be an asset to universities as they re imagine the definition of living as it relates to the overall college experience with the help of open channels of communication and a shared focus on student success. If third party developers and operators desire to continue the positive collaboration between the on-campus and off-campus communities during these testing times, a developer must be plugged into the student body that the final asset will serve. For more insight into the domain of student housing, one can always check out the web, as well as go through websites of companies specializing in the industry like Nelson Partners.