Press Trust of India|Nov 28, 2023
- Study in Australia: Rise in international students pushes rental costs up by 10%, finds study
Study in Australia: Rise in international students pushes rental costs up by 10%, finds study
The University Living report says only 10% of student accommodations are on-campus, the rest are off campus.
NEW DELHI: University Living Accommodation, a marketplace for student accommodation, has published a report ‘Beyond beds: Decoding Australia's student housing market’, highlighting the shortage of affordable housing for students due to rising demand for higher education opportunities in the country. It also said that rental costs in major cities of Australia has increased by 10-20%
The report revealed that a surge in international students opting Australia for higher education has led to limited availability of beds, rise in rental costs and increased living expenses. Lack of awareness among international students, constraints in construction and supply, unregulated private rentals and insufficient on-campus accommodation contribute to the current ongoing housing crisis, the report said.
It added that Australia's student housing market has witnessed significant growth in recent years and is estimated to be worth Australian dollar 10 billion, with a compound annual growth rate of 17%. “Only 10% of the market (student accommodation) accounts for on-campus accommodation while the remaining 90% is off campus,” the report read.
As per estimates in the report, there are over 60,000 beds across 42 universities in Australia, comprising university and corporate managed accommodation. A few key purpose-built student accommodation (PBSA) players, along with some small regional players, are estimated to be managing around 90,000 beds. Around 26% of PBSA beds are occupied by domestic students.
Apart from PBSA, students also have the option of private rentals and homestays in the unorganised market. The private apartments beds are estimated to be around 3,60,000 while the homestays are estimated to have around 1,00,000 beds.
University Living Accommodation had mapped 60,000 on campus and 90,000 PBSA beds while preparing this report. In March 2023, a total of 6, 13,217 international students were studying in Australia, which is 27% higher than January–March last year.
The total enrollment in the university segment in Australia is estimated to be around 15,50,000 students, including both domestic and international students. However, there is a significant need for more affordable housing options, as rental costs have increased by 10-20% in major cities.
University Living Accommodation is a community-based global student housing managed marketplace, providing students with safe, comfortable, and affordable accommodation options across the Indian subcontinent, the UK, Ireland, Australia, Europe, the USA and Canada.
To get in touch, write to us at email@example.com.