Global Dormitories Market Projected to Grow at 11.2% CAGR, Reaching $24.46 Billion by 2029

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What Will the Dormitories Industry Market Size Be by 2025?
The market size for dormitories has seen a swift expansion in the recent past. It is expected to balloon from $14.42 billion in 2024 to a staggering $15.98 billion in 2025, owing to a compound annual growth rate (CAGR) of 10.8%. Major reasons for the growth observed in the historic period include educational enrollment patterns, development of urban areas and campuses, movement of international students, affordability and demand for student accommodation, as well as investments from government institutions.

What's the Long-Term Growth Forecast for the Dormitories Market Size Through 2029?
In the coming years, the dormitories market is slated for speedy expansion, reaching a size of "$24.46 billion by 2029 with an expected compound annual growth rate (CAGR) of 11.2%. Factors contributing to this growth in the forecasting period include shifting educational delivery frameworks, sustainable and eco-friendly campus programs, student health and benefits, collaborations between public and private sectors, and the development of global educational centres. Key trends set to dominate this forecast period are inclusive accommodation, adjustable food services, effective safety and security standards, efficient utilisation of space, and support for distance learning.

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What Are the Key Growth Drivers Fueling the Dormitories Market Expansion?
The surge in the number of students is likely to encourage the expansion of the dormitories market. Dormitories act as an economical and practical accommodation choice for learners. They not only offer students a place to live but also a thriving and diverse social environment where they can build connections with others from different backgrounds. Dormitories' advantages, affordable prices, and their close location to the campus make them a popular choice among students. For example, in 2023, a University of Technology Sydney report, a public university in Australia, revealed that the United States saw the highest rate of secondary education completion in 2022, with 28% of its population achieving this education level. In the UK, 73.2% of the population of secondary school age managed to achieve a GCSE pass rate in 2022. Additionally, in 2021, Australia saw more than 3.95 million students enrol in both public and private schools. Consequently, the increasing number of students is providing an impetus to the dormitories market growth.

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What Are the Key Trends Driving Dormitories Market Growth?
A prevalent trend in the dormitories market is the emphasis on product innovations. Dormitory operators are adopting innovative strategies to enhance student housing solutions and maintain their market presence. One example of this is Rently Inc., a U.S. company specializing in self-touring and smart home technology solutions. In June 2023, the company introduced a multifunctional property technology platform featuring smart home technologies like smart thermostats and locks. This platform enhances the safety of apartments and common areas, accelerates unit turnover, and meets the comfort and convenience expectations of residents. It also greatly simplifies resident turnover management for operators through its mobile app-based software which provides control over building and unit access with just a tap. The smart lock feature eliminates the need to rekey locks, reducing costs and inconvenience. Operators can schedule entry codes for deliveries and maintenance, manage access privileges, review access logs, and configure property access timelines using Rently's Smart Home dashboard.

How Is the Dormitories Market Segmented?
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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Which Companies Are Leading the Charge in Dormitories Market Innovation?
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 Regions Are Leading the Global Dormitories Market in Revenue?
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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