Demand for student housing has surged recently, according to the National Multi Housing Council's National Student Housing Council (NSHC), due to a 38.7 percent increase in university enrollment in the past decade.
The NSHC analysis of federal data indicates there is a shortage of on-campus housing across the country. Factors contributing to this development include economic difficulties which have caused many to seek additional education. The number of students living on-campus reportedly grew 21.4 percent.
"The tremendous size of Generation Y, combined with economic uncertainty, have pushed enrollment to new heights over the past decade," said Jim Arbury, NMHC’s vice president of Student Housing. "This has put tremendous pressure on universities across the country as they attempt to keep up with the demand for on-campus living, offering a new opportunity for student housing firms."
Some states experienced more significant changes than others. Arizona, the District of Columbia, Georgia, Iowa, Minnesota and West Virginia were particularly impacted. Several of them are also among the states which are seeing the greatest shortage of on-campus units. Only five states have maintained dorm residency levels. Rental property management and development companies may be able to expand significantly by meeting these needs.