One of the projects our team enjoyed working on in recent years was the new student housing facility at UVU in Utah. It was a challenging build with a lot of moving parts. Student housing projects are unique, and our work on this project was a big eye-opener for our team. We learned a lot, and we’re excited to take on more of these projects in the future.
Student housing is a growing development sector in the multi-family construction market. Universities and developers are investing in new student housing projects, which are an increasing multi-family construction sector. A recent Multi-Housing News whitepaper on student housing growth shared some interesting facts. We wanted to share a few and how they may affect the multi-family industry.
- The National Center for Education Statistics projects that undergraduate enrollment will increase 8 percent by 2031, reaching 16.8 million from 15.9 million in 2023, which means that the student housing market will only grow in years to come, which could lead to more projects in this multi-family development sector.
- According to Yardi Matrix, about 41,000 new beds are projected to come online between 2023 and 2027. This projection outlines the current state of these projects and how many are being developed.
- 26 colleges and universities recorded rent growth of at least 10 percent for off-campus student housing for the 2023-2024 school year. More universities and post-secondary institutions are recognizing the investment student housing can be and how it can be a significant revenue source, which may lead to even more development of student housing projects.
These are just a few of the statistics and insights shared in the whitepaper, but they paint a picture of growth for student housing in the multi-family construction sector, which is exciting to see.
Student housing projects are pretty complex compared to other multi-family projects. Suites are rented on shorter leases in dorm or apartment-style configurations. The facilities have to be durable and easily repairable, as well as serve the needs of hundreds or even thousands of individuals. These projects usually also require shared amenities, like a kitchen, gym, bathroom and shower space, and other facilities. When our team is hired for plumbing and HVAC work on projects like these, we must consider all of these design factors. It requires specialty planning and experience with these types of builds to do the job right.
As student housing projects grow in the West, we’re excited to use our expertise to help build these facilities. We know how to design the correct plumbing and HVAC systems for these projects that can meet student housing needs. When we work with a team to develop these projects, you can trust that the plumbing and HVAC work in the facility will be able to meet students’ needs for years to come. So, if you’re planning a student housing project in the West, call our team for your turnkey plumbing and HVAC needs!