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Since 2020, the global student housing market has experienced a shift due to the COVID-19 pandemic, which majorly impacted higher education and student mobility. Institutional investment in student accommodations had been robust, but the pandemic led to a significant disruption, with many students deferring study abroad plans, as reported by 69% of respondents in a QS survey.
The Shifting Landscape of Student Housing Demand in Italy
Demand trends in the Italian student housing market have been influenced significantly by various factors outlined in the analysis above. Historically, the number of Italian students has remained relatively stable, but an uptick of approximately 5% has been noted among higher education students over the past five years, as cited by Savills. A key driver in the student housing demand is the population of 'fuori sede' students—those studying in a region different from their home—which is estimated to be around 660,000. Presently, only about 10% of this population resides in student housing, leaving profound room for growth within the market. Interestingly, nearly three-quarters of Italian students choose to live at home, one of the highest percentages in Europe, revealing a unique cultural aspect of Italy’s student accommodation market. Despite the presence of nearly 1.75 million Italian students and an influx of about 95,000 foreign students as of 2018, the offer of student housing currently meets the needs of only around 2.5% to 5% of the total student body. This is in stark contrast to a European average of 19%, as highlighted by Scenari Immobiliari. The lack of sufficient housing has also been brought to light by the COVID-19 pandemic, with room availability more than doubling and student accommodations seeing a significant drop in occupancy. Demand, however, is still driven by the consistently growing number of international and domestic students seeking study opportunities away from their hometowns. In terms of pricing, student housing sees a wide range with private basic single rooms starting around 350 euros, luxury offerings going up to around 760 euros, and regional options averaging around 207.5 euros per month. The overall potential market value, considering both size and current pricing, could generate approximately 697.7 million euros, pointing to a strong opportunity for growth if supply were to catch up. Investments in the sector highlight the recognition of its potential. For instance, Hines acquired a development site in Milan, and The Student Hotel opened its doors in Florence with a novel short and extended stay model. With over 7,500 beds in the pipeline across Italy, there are clear indicators of a reviving and evolving market. The actual available offer, as estimated by Scenari Immobiliari, is around 50,000 beds, which is remarkably low given the scale of potential demand and when compared to the European average.
Prominent Players Shaping the Italian Student Housing Market
The Italian student housing market, while experiencing certain challenges, is witnessing the emergence and growth of several key players that are significantly contributing to its landscape. These companies, each with their unique approach to student accommodation, are helping to meet the demand for quality housing among students in Italy.
Campus X: Campus X stands out as a noteworthy provider of student accommodations, with a strong presence in Rome, where it manages the substantial Campus X Tor Vergata featuring 1,500 beds. Expanding its influence to other cities like Florence, Bari, and Chieti, Campus X is known for its large-scale facilities that cater to the diverse needs of students.
Camplus: With an ambitious plan to grow its bed capacity from around 7,000 to a projected 10,000, Camplus is rapidly scaling its operations. It currently operates in several major Italian cities and is looking to expand beyond the Italian borders into Spain with a new facility in Pamplona.
Hines: As one of the largest private real estate investment and development companies in the world, Hines has shown a significant interest in the Italian student housing market. The company has invested in development sites for student accommodations in Milan and Florence, signaling its intention to play a major role in shaping the premium segment of student residencies.
The Student Hotel: The Student Hotel has successfully established itself as a major player in the Italian market, particularly with its hybrid model that blends short and extended stay options for students. After opening their inaugural building in Florence, they are expanding their Italian footprint with additional properties in Bologna and Florence.
Cdp: Cdp has contributed to the Italian student accommodation space through the development of projects like the one in Pisa, indicating a strategy to invest in the educational infrastructure in various parts of the country.
Fabrica Sgr: With approximately 4,500 beds under its management across Bologna and Turin, Fabrica Sgr manages substantial student accommodation facilities through its funds Aristotele and Erasmo, marking a notable presence in the Italian market.
Collegiate: Although not mentioned in the detailed text above, Collegiate is also a prominent player with plans to establish a notable presence in Milan by developing a large housing complex that targets the growing demand for student accommodation in one of Italy's most bustling university cities.
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- Pagine : 30 pags
- Formato : Versione PDF e digitale
- Ultimo aggiornamento : 10/05/2021
Riepilogo ed estratti
1 Market summary
1.1 Definition and Presentation
Student housing includes any official residency or accommodation a University provides to students.
These specific residencies generally consist of a building or a group of buildings which are entirely inhabited by students.
There are usually two layouts the structures can have:
- Similar to apartments: multiple shared rooms, common areas, shared kitchen and bathroom.
- Similar to hotel rooms: single rooms without kitchen, single or shared bathroom.
A common aspect to both structures is the presence of shared facilities which can be accessed by all students living there. Generally, those consist of both places for pleasure and for work/study.
Student housing is a subsegment of the real estate market and represents an attractive investment. Indeed, investment volumes in the sector have grown considerably in recent years, increasing by 135% between 2014 and 2019 [Savills]. The market is expected to benefit from growing internationalization, changing students’ expectations and living habits. Indeed, in the past few years students have been moving around the world more than ever, so much so that in 2017 over 5 million students studied abroad.
In Italy the number of students has historically been relatively stable. However, for what concerns student housing in this country, the industry mostly targets higher education students whose number increased by almost 5% in the past 5 years [Savills].
The COVID-19 Pandemic in Italy has had the side effect of emptying, from North to South, the rooms generally rented to students and off-site workers. Domestically, room availability compared to 2019 has in fact more than doubled (+149%).
1.2 A Global Profitable Market
Over the past six years there has been an explosion of institutional investment into student accommodation around the world on the premise that demand for housing is robust.
In **** global student housing transactions reached a value of **.* billion dollars. The considerable growth has been fueled by the progressive relevance student housing ...
1.3 The Italian Market for Student Residencies
Size
There is lack of information on value and market size of student housing in Italy. With the available data it is though possible to give an estimate of the current potential of the industry.
Starting from the number of national students in Italy (***) of *.** million, the market could grasp **% of ...
1.4 COVID-19 Impact
The COVID-** Pandemic has brought about devastating consequences for higher education in Italy. Indeed, many Universities have been forced to keep their campuses closed for months to avoid the spread of the virus contagion among their students. Consequently, given the fact that almost all lessons were provided online and in streaming, ...
2 Demand analysis
2.1 Demand Overview and Main Drivers
Student residencies value and volume is expected to benefit from the increasing number of students studying abroad, higher prices for alternative accommodations and changing lifestyle and habits of the current generation. ***,*** is the estimated number of students “fuori sede” (***) which could potentially choose a student accommodation as a housing accommodation. Nevertheless, ...
2.2 Italy's Attractiveness as an Educational Country
Once established that the number of students’ inflow in Italy is directly correlated with student housing demand and potentiality, it is relevant to understand the reasons behind the students’ mobility.
The country attractiveness in terms of education can be therefore measured according to:
English Taught Programs University ranking vs teaching quality Cost ...
3 Market structure
3.1 Organization and Dynamics of the Market
An overview on student living arrangements
The market for student accommodations does not have the same size as the number of Italian students. The most influencing factor in this sense is the percentage of Italian students living at home (***) which leaves smaller room for maneuver on the remaining *%. The largest majority ...
4 Analysis of the offer
4.1 Housing structure
Student residencies in Italy can be distinguished in three types:
Hotel structure : layout based on corridors with rooms extending horizontally one in front of another. Mini accommodation : layout based on organizations composed by small apartments with multiple rooms and shared spaces. Mixed structure : layout based not on a particular structure. [***]
Some ...
4.2 An Extremely Low Available Offer
Scenari Immobiliari estimated the number of beds available in Italy around **,***, the offer is far behind the potential demand in Italy and the European average. Indeed, the ratio between the totality of students and the available beds is among the lowest in Europe, with a coverage of exclusively *% [***].
Average number of ...
4.3 Swinging prices among student residencies
The table above identifies an average minimum and maximum price range for a single or a double room in three different student housing facilities. Segmenting the accommodation types based on managing authority, one can observe the pricing gap among the privately held and regional managed. The distinction between university campus and ...
4.4 Offering propositions
Biggest student residencies
Camplus is among the largest student housing facilities, present in some of the most popular Italian cities, and soon on the Spanish territory with the opening in Pamplona. In Italy, it currently counts circa *,*** available beds, number that is projected to go as high as **,*** with the perspective ...
4.5 Incoming projects on the Italian territory
The starting point is a statement mentioned multiple times through this report: demand is higher than offer. From a simple concept, the basis for large investments has been created. Indeed, according to a **** survey on investment intentions **% of respondents stated that student housing is the residential real estate segment with greater ...
5 Rules and regulations
5.1 Student housing regulation
In order to build a student residency, the following criteria must be respected:
Environmental compatibility
Limits on of gas, electricity and water usage Impact on environment of construction and feasibility of structure Usage of renewable materials
Integration of the structure within the city
Location of structure has to be complementary and ...
6 Positioning of the actors
6.1 Segmentation
- Campus X
- Camplus
- Studentato San Bartolomeo
- Sant’Anna Pisa colleges
- Socrates
- I Praticelli
- Collegio Einaudi
- IPE
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