Co-living And The Evolution Of Student Housing | Student Co-Living
What is driving demand?
Co-living has the potential to be a sustainable housing option for a growing number of people living in cities. But what are the key factors that are driving demand for this emerging sector?
Urbanization is a developing trend across the world. In Europe, there will be 13 million more people living in cities over the next 10 years.
- Cities will account for 77% of the total population for the continent, compared to 62% just 50 years ago. But it is not just the major cities where this growth is being concentrated, smaller regional cities are also growing in size.
Pressure on land use:
Greater pressure on urban land use has had an impact on overcrowding. At an EU level, the number of private rented households that are overcrowded has increased from 18.6% in 2011 to 20.4% in 2016, whereas for owner-occupied housing, the rate is relatively unchanged at 7.5%
2. Over 90% of Berlin and Inner London households living in residential buildings of three units or more, while for Paris the total is 99%
3. In order to meet growing demand and often a finite amount of land resource, density needs to increase further.
The movement of skills and talent has been accelerated by Schengen and the ERASMUS+ programme. The target is for 20% of all graduates to study abroad within Europe by 2020. European countries have also benefited from the growing pool of internationally mobile students, with a growing number of English Taught Programmers increasing competitiveness with the US and UK university markets. Private renters in European cities are nearly three times more likely to have moved in the last five years compared to the average household, and more than nine times compared to home owners. On average, 44% of private city renters have changed residence over this time frame, with this rising to as many as 87% in some countries.
The growing number of start-ups and new businesses, particularly in the tech, creative and science sectors is closely linked with the changing role of cities and access to universities. Much of the innovation in these business sectors is being driven by students. Venture capitalists and major global firms are keen to work alongside and collaborate with graduates, to generate new ideas and business opportunities.
Pressure on land means that city living is more expensive. The fallout of the euro crisis has meant that between 2008 and 2015, there was an increase in the number of young people continuing to live at home particularly across the worst affected countries such as Greece, Ireland and Spain, but also in Germany. However, as economic sentiment and growth prospects are improving, this trend is now reversing.
Student participation growth:
Across Europe, the number of people attending university as a proportion of the population is increasing. Over 39% of all 30-34 year old now have a degree, compared to 22% in 2004. This growth is directly correlated to the size of the student housing market, with record levels of investment in recent years and a focus on new development to meet demand.
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