Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Dormitories Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The dormitories market has grown rapidly in recent years. It will grow from $16.83 billion in 2023 to $18.18 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historical period can be attributed to trends in educational enrollment, urbanization, and campus development. Factors such as international student mobility, affordability, and the demand for student housing also played a significant role. Additionally, government and institutional investments contributed to the overall growth in this sector.
The dormitories market is expected to see rapid growth in the next few years. It will grow to $28.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period is expected to be driven by changing education delivery models, sustainability initiatives focusing on green campuses, an increased emphasis on student wellbeing and amenities, the rise of public-private partnerships, and the development of global educational hubs. Key trends in the forecast period include the promotion of inclusive housing, offering flexible dining options, enhancing safety and security measures, optimizing space efficiency, and providing support for remote learning.
The anticipated rise in student populations is poised to drive substantial growth within the dormitories market. For instance, data from the Higher Education Statistics Agency (HESA) in January 2022 revealed a notable surge in student enrollment. The academic year 2020-21 witnessed a 9% increase in overall higher education enrolment compared to 2019-20. Notably, first-year degree applicants rose by 8%, while first-year postgraduate student numbers increased by 16%. These figures also reflected a 4% increase in first-year non-UK students and a substantial 13% rise in first-year UK students. Specifically, enrolment from India surged by 27%, signifying the pivotal role of an expanding student population in propelling growth within the dormitories market.
The escalating count of academic institutes is set to drive considerable growth within the dormitories market. As of January 2023, according to the Press Information Bureau (PIB), the academic year 2020-21 witnessed a substantial increase of 1,453 colleges and 70 universities in India. This surge underscores the pivotal role of academic institutions in driving the expansion of the dormitories market by emphasizing improved student experiences through enhanced accommodation facilities.
The dormitories market is witnessing a prominent trend centered around product innovations. Companies operating within this market are integrating inventive solutions to cater to evolving student housing needs while maintaining their market presence. For instance, in June 2023, Rently Inc., a US-based company specializing in self-touring and smart home technology solutions, introduced a secure multifunctional property technology platform. This platform incorporates innovative features such as smart thermostats and locks, benefiting both student housing providers and occupants. It enhances security, expedites unit turnovers, and meets resident expectations for comfort and convenience. The technology facilitates efficient unit turnover management, enabling mobile app-based access control, eliminating rekeying costs, setting durational entrance codes, managing access rights, and customizing property access schedules through Rently's Smart Home dashboard. Such advancements exemplify the focus on innovation within the dormitories market.
Leading companies in the dormitories market are emphasizing partnerships as a strategic avenue to bolster their market revenues. Partnerships typically involve collaborative agreements or alliances between entities aimed at enhancing connectivity and operations. For instance, in November 2023, SpaceBasic Inc., an India-based company specializing in digitizing student experiences within university and housing communities, collaborated with Good Host Spaces Pvt. Ltd. This partnership's primary objective is to reduce the environmental impact of student housing by implementing sustainability and resource management initiatives, leveraging SpaceBasic's Digital Cafeteria (Mess Management) system. The alliance aims to optimize student housing management by employing automation and data-driven insights to streamline property management, maintenance procedures, administrative tasks, and reinforce security protocols. Good Host Spaces Pvt. Ltd. operates as an India-based student accommodation service provider.
In October 2022, Global Student Accommodation (GSA), a UK-based student housing service provider, completed the acquisition of a five-property student housing portfolio from Harrison Street Real Estate Capital, LLC, with the financial details undisclosed. This strategic acquisition has notably expanded GSA's capacity by over 1,600 beds, consolidating its market leadership position in Charleston. The acquisition encompasses five student housing assets, including the Ruckus on Rio located in Austin, Texas. Harrison Street Real Estate Capital, LLC functions as a UK-based investment management company, specializing in student housing and dormitory services. The acquisition further strengthens GSA's foothold in the student housing sector, reflecting its strategic growth initiative.
North America was the largest region in the dormitories market in 2023. The regions covered in the dormitories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the dormitories market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
Markets Covered:
1) By Type: Rooming and Boarding Houses; College Housing
2) By Service Type: PBSA; Private Rented Sector; University Accommodation; Other Services
3) By Application: Freshman; Sophomore; Junior; Senior; 5th Year or Later; Graduate Student
Key Companies Mentioned: Harrison Street Real Estate Capital LLC; The Preiss Company LLC; Greystar Real Estate Partners LLC; The Scion Group LLC; Asset Living LLC
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
- Harrison Street Real Estate Capital LLC
- The Preiss Company LLC
- Greystar Real Estate Partners LLC
- The Scion Group LLC
- Asset Living LLC
- The Collier Companies
- American Campus Communities Inc.
- Kyoritsu Maintenance Co. Ltd.
- Rzeszow University of Technology
- Metropolitan Housing Trust Limited
- Civeo Corporation
- University Living Accommodation Private Limited
- Yugo USA LLC
- PeakMade Real Estate
- Blue Vista Capital Management LLC
- Open Theory LLC
- Interlock Near Georgia Tech
- Conversion Logix LLC
- Georgetown University
- Villas Student Housing
- Capstone Collegiate Communities LLC
- Boaz Ventures LLC
- Core Spaces LLC
- Johnson Controls International plc
- Williams-Sonoma Inc.
- NVR Inc.
- LGI Homes Inc.
- Home Depot Inc.
- Redfin Corporation
For more information about this report visit https://www.researchandmarkets.com/r/xk6dpm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
