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Dormitories Market Key Trends, Latest Insights, Future Trends And Forecast To 2033
Dormitories Market Trends
As per the report, the dormitories market size has grown rapidly in recent years. It will grow from $16.83 billion in 2023 to $18.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The dormitories market size is expected to see rapid growth in the next few years. It will grow to $28.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
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Rising Student Population Fuels Surge In Dormitories Market Growth
The increasing student population is expected to propel the growth of the dormitories market going forward. Dormitories are commonly used by students as a convenient and cost-effective lodging option. Furthermore, dormitories provide students with the opportunity to live in a social and diverse environment, allowing them to form relationships with students from various backgrounds. Moreover, dormitories are an attractive option for students due to their affordability and proximity to campus. For instance, in January 2022, according to the Higher Education Statistics Agency (HESA), a UK-based official agency that collects and publishes data about higher education of the country, 2,751,865 students were enrolled in higher education overall in 2020-21, an increase of 9% from 2019-20. While the number of first-year degree applicants increased by 8%, the number of first-year postgraduate students increased by 16%. First-year enrolment increased by 4% for non-UK students and by 13% for students from the UK. First-year enrolment from India increased by 27%. Therefore, an increasing student population is driving the growth of the dormitories market.
Rently Inc.'s Cutting-Edge Property Technology Platform Sets New Standards In Dormitory Living
Product innovations are a key trend gaining popularity in the dormitories market. Companies operating in the dormitories market are integrating new innovations to develop innovative student housing solutions and sustain their position in the market. For instance, in June 2023, Rently Inc. a US-based company that provides self-touring and smart home technology solutions launched a secure, multifunctional property technology platform. Smart thermostats and locks are only two examples of the smart home technologies available on the platform that benefit both student housing providers and students. It maximizes security of apartments and common areas, expedites unit turnovers, and meets resident expectations for comfort and convenience. The platform facilitates more effective resident unit turnover management by operators. With the touch of a button, mobile app-based software can activate or cancel building and unit access, and smart locks remove the trouble and expense of rekeying. Operators can set up durational entrance codes for deliveries and maintenance visits, manage access rights, check access records, and tailor property access schedules from Rently's Smart Home dashboard.
The dormitories market covered in this report is segmented -
1) By Type: Rooming And Boarding Houses, College Housing
2) By Service Type: PBSA, Private Rented Sector, University Accommodation, Other Services
3) By Application: Freshman, Sophomore, Junior, Senior, 5Th Year Or Later, Graduate Student
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Major companies operating in the dormitories market report are Harrison Street Real Estate Capital LLC, The Preiss Company LLC, Greystar Real Estate Partners LLC, The Scion Group LLC, Asset Living LLC, The Collier Companies, American Campus Communities Inc., Kyoritsu Maintenance Co. Ltd., Rzeszow University of Technology, Metropolitan Housing Trust Limited, Civeo Corporation, University Living Accommodation Private Limited, Yugo USA LLC, PeakMade Real Estate, Blue Vista Capital Management LLC, Open Theory LLC, Interlock Near Georgia Tech, Conversion Logix LLC, Georgetown University, Villas Student Housing, Capstone Collegiate Communities LLC, Boaz Ventures LLC, Core Spaces LLC, Johnson Controls International plc, Williams-Sonoma Inc., NVR Inc., LGI Homes Inc., Home Depot Inc., Redfin Corporation .
Contents of the report:
1. Executive Summary
2. Dormitories Market Report Structure
3. Dormitories Market Trends And Strategies
4. Dormitories Market - Macro Economic Scenario
5. Dormitories Market Size And Growth
…..
27. Dormitories Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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