Last week we looked at the modern-day student’s expectations when it comes to housing on college campuses and determined it’s more than four walls. Today’s campus experience considers a much broader, interconnected “lifestyle” focused on more than what happens in the classroom, cafeteria, or on the quad. Progressive institutions are taking note and looking to merge their own unique perspectives with that of their student clients and potential developer partners via P3 partnerships.
What institutions want
While institution-led housing projects are typically slower and cost (on average) 20-30 percent more than privately built developments, they too continue increasing year over year. According to the National Center for Education, on-campus housing grew by about 5.2 percent between 2011 and 2015—from 2.9 million beds to 3.1 million beds. Clearly, off-campus developments aren’t meeting the entire demand.