In the past few years, the increase in the number of students going abroad for university has lead the demand of university residences to rise in the long-term rental. Both students and faculty members look for accomodation that combines the comfort of a private room with the option of joining others in social areas. These needs usually arise in people that move to a new city and start a new project, like going to university. Student residences are able to provide these facilities and therefore have become the most popular housing option.
In Spain, the Autonomous Communities with the largest number of students doing Bachelor, Master and PhDs are Madrid (291.199 people), Catalonia (248.172 people) and Andalucia (242.569 people).
Residents may choose to live in different types of accommodation: male-only (13% of the market share), female-only (20%) or mix use that have a cuota of 67% Madrid’s residences.
At the hotel factory we have carried out a study that comprises the supply and demand of student residences in the Autonomous Community of Madrid and some conclusions have been drawn.
Madrid’s market in particular has seen an increase in investment in the segment showing the importance of these assets within the real estate market. With the new openings in the capital (Collegiate Aravaca, HUBR Don Ramón, Youniq, Nexo Claraval…) and the acquisition of “La imprenta” building in Cuesta de San Vicente by The Student Hotel to turn it into a student residence with 300 beds, it has been concluded that it is a blooming sector.
All the newly built residences, and those recently refurbished or under refurbishment, show certain common traits that we have been able to identify, such as:
- Architecture and design
All the newly built or refurbished residences have inspired its design in the latest european avant-garde trends. You may find buildings that are 100% sustainable with eco-friendly facilities such as people detectors, LED lights, recycling bins in the rooms, magnetic access to the rooms…
- Gym and swimming pool
Common areas are becoming the protagonists in student residences, where people can socialize and therefore there has been an increase in outdoor terraces equipped with lounge beds, chairs, tables and swimming pools, if there is enough room. Also, residences are incorporating gyms equipped with the latest machines so that residents may exercise and thus help promote a healthy lifestyle amongst each other.
Coworking areas
Since the Bolonia study plan was incorporated into all Spanish universities, students need to focus on team projects rather than self study, as was the norm before Bolonia.
Therefore, study rooms or libraries as we know them are becoming less frequent in residences and instead we find more and more areas of coworking, where students can meet with other team members and study or work in their projects.
- Bills included
Student residences include all costs related to bills (electricity, water, Wifi…) in the monthly rent, in order to keep them from worrying about extra expenses. This means much more for the parents, who may stay at peace when the monthly rent needs to be paid because they are certain they will not be incurring in any extra expenses like heating or air conditioning.
If the guest wishes to, in some residences, they may add extra services to their rent like cleaning of the room by professional staff, laundry o extra home appliances as if they were staying at a hotel.
- 24/7 security
Another common feature in most of the student residences is 24-hour surveillance through CCTV cameras placed around the property. On top of that, most of them also hire receptionists o guards for the night shifts to ensure the residents’ tranquility and safety.
At the hotel factory we are continuously broadening our knowledge of the touristic sector and about the latest trends in the market, therefore if you have any pipeline project do not hesitate to contact our Madrid or Palma team in order to guarantee the best assessment.
