Why India’s student accommodation industry is the next big growing thing
Recently, the US state of California wrote laws into place in order to encourage co-living spaces as part of an ecosystem shared with co-working spaces. Closer home, in India too, big things are happening. As people move further and further away from traditional forms of housing, co-living spaces and communal spaces are gaining popularity, and how! Funding has peaked, and with that funding have come newer, more modern, even more updated communal living spaces than before. Gone are the old, stodgy, traditional one-roomed hostels with a reputation for poor food, uncomfortable conditions, and regressive rules. Today, students pursuing an education can enjoy the independence of living alone while still being able to rely on a community behind them. With more students than ever before, India’s student accommodation industry is really taking off, and how!
Today, the co-living industry – particularly with regard to co-living spaces, is a $12 billion opportunity, the Business Standard reports. The Indian student population is growing faster than ever, but the industry of quality accommodation is decidedly under-occupied. As we move away from traditional paying-guest accommodations that numerous students and working professionals choose, or in traditional hostels, where students are often packed like sardines, the supply of quality accommodation is still low – making it a great market for entrepreneurs – and a great industry that is only going to grow even further in coming years.
The idea, today, of what is expected from a hostel, has changed. No longer is it just a place for students to sleep, study and do not much else. Today, student accommodation is beyond just the physical needs of a roof over one’s head and a bed to sleep in: it is about having a supportive, strong community, both in terms of residence and in terms of peers. Today, people are looking more and more at the implications
Student housing can be a next-generation asset
Journalist and writer Kalpesh Kinariwala from Gulf News touches upon the growing demand for purpose built student accommodation for the rising number of students in UAE. The UAE Government has focused its attention towards developing and urban ecosystem centered around educational institutions and underlines the importance accesses to of good quality safe and affordable accommodation for the students.
As of 2017, the total enrollment in higher education by Indians was at a high 28.56 million, and the number has grown since. There is thus a burgeoning need for student accommodation, and that gap in the industry is what Tribe – with its India-wide coverage, fills! With accommodation not just in quantities but qualities, Tribe marries the concept of modern living with a sense f community, equitable pricing with a system that works for parents and students alike.
But it is not just within the industry; consumer awareness on the student accommodation industry has burgeoned too, with more and more parents of students – and students themselves – aware of the superior facilities now available to students, and the growing student body in a position to utilise those facilities
In an industry growing and expanding rapidly, both horizontally and vertically, we at Tribe fulfill the need of the hour: new, updated student accommodation that is no longer stuck in the past, but moving rapidly towards the future.