Dormitories Market Expected to Achieve 11.3% CAGR by 2029: Growth Forecast Insights

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How Large Will the Dormitories Market Size By 2025?
Over the past few years, there has been a swift expansion in the market size of dormitories. This market, which is predicted to escalate from $14.71 billion in 2024 to $16.38 billion in 2025, is expected to exhibit a compound annual growth rate (CAGR) of 11.4%. Factors contributing to this historical growth encompass trends in educational enrollment, the progression of urbanization and campus development, the movement of international students, housing affordability and demand among students, and financial backing from the government and institutions.

How Big Is the Dormitories Market Size Expected to Grow by 2029?
Expectations for the dormitories market size indicate a rapid expansion in the coming years, with a projected value of $25.13 billion in 2029 due to a compound annual growth rate (CAGR) of 11.3%. The growth observed in the forecast period is linked to evolving educational delivery methods, initiatives for sustainability and green campuses, student welfare and facilities, public-private collaborations, and the establishment of international educational centers. Key trends during the forecast period are inclusive accommodation, adaptable meal choices, safety precautions, efficient use of space, and support for remote learning.

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Which Key Market Drivers Powering Dormitories Market Expansion and Growth?
The dormitories market is forecasted to grow, thanks to the expanding student population. Dormitories, popular among students for their affordability and convenience, also offer a vibrant and diverse social setting. They allow students to interact with their peers from different backgrounds and form lasting connections. Not only is it cost-effective, but its location near campus also makes it an appealing proposition for students. The University of Technology Sydney reported in July 2023 that in the United States, secondary education had the highest completion rate in 2022, with 28% of the population securing this level of education. Meanwhile, in the UK, 73.2% of students of secondary school age passed their GCSE in 2022. Australia, on the other hand, recorded a total enrollment of over 3.95 million students in both public and private schools in 2021. Thus, a surge in student numbers is facilitating the growth of the dormitories market.

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Which Fast-Growing Trends Are Poised to Disrupt the Dormitories Market?
The dormitory market is witnessing a surge in product innovations, with companies deploying innovative strategies to design novel student accommodation facilities thereby solidifying their market position. To illustrate, Rently Inc., a US firm specializing in self-touring and smart home tech solutions, unveiled a versatile property technology platform in June 2023. The platform includes numerous smart home technologies, such as advanced thermostats and locks, geared towards optimizing the safety and functionality of student housing units. Additionally, the platform expedites the process of unit turnovers and fulfills residents' desires for comfort and convenience. It provides operators with a more efficient way of managing resident unit turnovers via a mobile app which can activate or terminate building and unit access. The removal of the need for rekeying through smart locks helps to reduce hassle and costs. Operators can create temporary codes for delivery or maintenance personnel, administer access rights, view access logs and modify property access timetables via Rently's Smart Home dashboard.

What Are the Emerging Segments in the Dormitories Market?
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

Subsegments:
1) By Rooming And Boarding Houses: Traditional Rooming Houses, Managed Boarding Houses, Shared Accommodation Facilities
2) By College Housing: On-Campus Dormitories, Off-Campus Student Housing, Purpose-Built Student Accommodation (PBSA)

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Who Are the Global Leaders in the Dormitories Market?
Major companies operating in the dormitories market include Campus Living Villages, American Campus Communities, UNITE Group, Greystar Real Estate Partners, The Scion Group, Student Castle, Axiom Education, ResLife, Nido Student, The Student Housing Company, Collegiate AC, Rize, Xenia Residential, Hines, Thrive Living, Prime Student Living, EdR Trust, Campus Apartments, Landmark Properties, SMC Student Housing, Yugo, The Boulevard, Core Spaces, C3S, Urban Student Life, Housing Trust Group, RISE Residential, Oakwood Worldwide, Bonaventure

Which are the Top Profitable Regional Markets for the Dormitories Industry?
North America was the largest region in the dormitories market in 2024. The regions covered in the dormitories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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