Student Housing Business

JAN-FEB 2018

Student Housing Business is the voice of the student housing industry.

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ON-CAMPUS HOUSING January/February 2018 70 Generation Shift From lowering student costs to a surge in living-learning communities, on-campus housing is changing to meet the needs and desires of the next generation of students. By Katie Sloan A A new generation of students is beginning to enter universities across the country. To accom- modate the changing wants and desires of Gen Z, many universities are altering the characteristics and amenities of their on-campus housing when they develop, redevelop and renovate residence halls to appeal to these incoming students. Increasing concerns about college costs are impacting decisions made during the develop- ment process, including the addition of more less-expensive units to appeal to those students with limited housing budgets. Trends like living- learning communities, which bring academics to the student's front door, are becoming more popular, alongside the addition of more study spaces and collaborative workrooms, in lieu of suites and entertainment lounges. Unit style is shifting away from apartment- style living to collaborative pods and double occupancy rooms to foster deeper relationships between students as they first enter a univer- sity. With a focus on creating the optimum living environment for student academic success, social fitness and overall well-being, universities are upping the ante across the country with innova- tive new projects. Planning and Costs One of the major factors in new on-campus development is an increasing concern about col- lege costs among students. "The new generation of college students is more aware of the financial realities of college life," says Mike Porrit, vice president of advi- sory services at The Scion Group. "They are more averse to debt and tend to be more fiscally conservative. This translates to a group that is increasingly price sensitive as it pertains to hous- ing costs and decisions. On-campus housing pro- viders must consider this and provide an array of options that offer value for residents' money." This has translated to an increase in double- occupancy rooms on-campus. "There has been a lot of pressure to keep costs affordable, and we're seeing a lot of our clients revisit double-occupancy rooms for affordabil- ity," says Jeff Turner, executive vice president at Brailsford & Dunlavey. "For a long time, the logic was that 80 percent or more of students grew up with their own bedroom so therefore they needed a single bedroom on-campus. We're see- ing that a lot of on-campus projects are including The Scion Group was engaged to conduct a student housing feasibility study and P3 development partner selection for the development of an $85 million student residence hall and culinary arts center — which includes a restaurant, conference and banquet facility — at Centennial College in Toronto. Century Square is a mixed-use development currently underway at Texas A&M University in College Station with the Midway Companies as the developer. The property will include two hotels, retail, an entertainment venue, emergency medical services, office space, restaurants and student, faculty and staff housing.

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