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Five Trends That Are Disrupting Student Housing Industry In India
Like other consumer-focused industries, the student housing space too is growing cognizant of this burgeoning trend.
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The Indian higher education landscape is at the cusp of disruption. The push towards privatization is indicative of the progressive national sentiment which expresses a demand for quality service and product offerings. This pan-India sentiment is championed by the expanding class of new-age learners who value premium education over cost. Part of the closed ecosystem thriving on the evolving consumerist culture, today’s youth do not want to settle for anything that does not hold up to the emerging standards of excellence.
Like other consumer-focused industries, the student housing space, too, is growing cognizant of this burgeoning trend. The cutting-edge student housing enterprises looking to establish their domain leadership in this sector are aware that they need to deliver the best value if they are to achieve this objective.
The five major trends that are leading disruptions in the Indian student housing space are:
A holistic suite of onsite amenities
Purpose-Built Student Accommodations (PBSAs) are pioneering the market by facilitating a wide range of onsite amenities to students pursuing higher education across the country. These include private swimming pools, indoor/outdoor cinemas, fully-functional gymnasiums with state-of-the-art equipment, onsite cafes with round-the-clock service, and personalised housekeeping, among others.
Such experience-enhancing facilities are aimed at providing students with a stress-free environment conducive to effective learning. Thanks to the easy availability and access to all the services and facilities required for sustaining a modern-age lifestyle, students can not only better focus on their learning but also unwind thoroughly after racking their brains post the intense study hours.
Swelling demand for the much-needed private space
The traditional hostel setting where one room is shared by two or more students is increasingly becoming passé. One of the key aspects of the latest phase of the cultural evolution emphasises the value of solitude – which is vastly different from loneliness in promoting creativity and concentration. Hence, millennials and GenZennials are preferring to opt for private living en-suites, studios, and even private rooms in shared apartments. Furthermore, such housing options contain community spaces including common rooms, cafés, etc., wherein students can socialize and make new friends on their own terms while still being able to steal away to their private quarters when they need some me-space.
All-embracing communities that nurture positive social values
In many ways, new-age student housing providers are endeavouring to go beyond providing only accommodation solutions. Leading market players are focussed on enhancing the university experience of students across all spheres. An in-house team of experts at most PBSAs the world over is specifically responsible for routinely organizing community-centric events and sessions. The goal is to foster the values of collaboration and belongingness while delivering fun and information in equal bouts. Various student homes go the extra mile by hosting inspirational as well as career counselling sessions, among other things, for the benefit and holistic development of students.
Keeping with the pace of technological advancement
Millennials and now GenZennials comprise the most advanced generations who are up-to-date with the on-goings in the global technological landscape. Hence, when it comes to choosing the perfect accommodation, they expect the housing options to be equipped with the latest tech implements that once were considered luxurious but now are necessary for maintaining satisfactory living standards. As a result, leading housing platforms to ensure that students have access to provisions such as twenty-four-seven, high-speed, multi-device Wi-Fi connectivity, iMac stations, digital gaming zones, card-operated laundries, etc.
Marrying sustainability with a quality lifestyle
Everyone is privy to the growing global concerns regarding the climate crisis. In light of this issue, major student accommodation providers have made it a point to prioritize aligning their organizational objectives with sustainable development goals. The result? The provision of eco-friendly living quarters that leverage the latest tech tools to make optimum use of water and energy, thus mitigating the negative impact on the environment. Students living in such spaces are also encouraged to use these precious resources responsibly while also engaging in recycling and up-cycling to reduce their carbon footprint.
Modern-day students are aware of the responsibility they have towards nature. The student housing industry is increasingly figuring out ways to attract such students and translate their sentiments into affirmative action. Some of the initiatives that are being driven by leading market players include boosting onsite water conservation activities, installing energy-efficient kitchen appliances, highlighting their sustainability certificates in marketing campaigns, etc. On the back of such endeavours, the Indian student housing space is establishing itself as the model industry committed to driving the country towards a sustainability-led, progressive future.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.