Accommodation becomes one of the major hurdles for students when they shift their places for educational purposes. Catering to this concern of students, student housing companies are coming forward to help out. Read on....
A major chunk of students hop around in other states or countries to find the perfect destination to get quality of education they wish to acquire. Accommodation becomes one of the major hurdles for students in commuting. Catering to this concern of students, student housing companies are coming forward to help them out in finding their perfect home for studies at reasonable prices.
According to recent surveys, it is revealed that the youth of India constitute 19.1% of the total population of India and is anticipated to reach 34% of the total population by 2020. This suggests that there is wide scope for a business like student housing in the near future.
Sounds fascinating? Here is why opening a student housing company is quite a lucrative new business startup idea.
Role of Awareness towards Education
It is an undeniable fact that education is one of the crucial aspects of the development of a child. And this fact is being acknowledged by students and their parents in India. With education being so crucial for the development, parents are forthcoming towards sending their children off for further studies. This awareness towards education is one of the contributing factors for the growth of student housing businesses.
The demand is gradually rising in India every year especially in the tier I and II cities. Another factor that contributes to the growth of this business is the quality of education in private and public universities.
To sum up in a few words, the awareness towards education, whether it’s about students-parents or universities, plays a quintessential role in the student mobility, which results in the growth of student housing business.
Increased Standards of Living
There was a time when hostels provided by schools and universities used to suffice for the outstation students. Due to factors like increased number of applicants and improving standards of living, students and parents look for an alternative for their accommodation.
As population increases, the number of applications in the school/universities increases year by year. Most universities have limited space in their campuses, so other students could not make it. So they have to search for something else.
Also, most of the times, to keep away from the boring lifestyle of hostel, students look for other alternatives, and a student housing facility could do for them.
Unused Real Estate Property for Student Housing in India
According to recent reports, it is revealed that around 12 million completed houses were lying vacant across urban India. The huge gap in the demand for housing and supply became an opportunity for student housing business as these unused properties could be used for accommodation of students. These properties cater to the millions of students who are in the search for accommodation near their school/universities. This is one of the major catalysts in the growth of student housing in India.