Housing accommodation automation software solutions provider StarRez has released its 2024 State Of The Student Housing Industry Report.
The comprehensive survey collates data from 340 institutions across the globe, highlighting the top trends, challenges, and opportunities in the student housing sector.
It is been designed to equip key stakeholders, including student housing professionals, university administrators, and investors with valuable data and actionable insights to navigate the rapidly changing landscape of student accommodation.
A key finding from the StarRez report shows that over 58% of institutions report occupancy rates above 91%, showcasing the ongoing demand for student housing.
In terms of resident satisfaction, institutions with satisfied professional staff report a 10.4% higher resident satisfaction rate. Institutions are generating additional revenue streams through non-traditional housing, summer rentals and conferences.
Time-saving features (such as automated room assignments) are boosting staff efficiency – giving teams valuable time back during busy seasons.
“Student expectations have evolved significantly, with a growing demand for environments that foster academic, social and personal growth. This shift requires innovative services and approaches, further straining the capacity of housing and accommodation teams.
“The heavy reliance on staff to meet these demands through sheer effort is unsustainable, posing risks to staff wellbeing and the quality of student experiences. Poor experiences can lead to challenges in recruitment, retention, and overall financial performance.”
StarRez 2024 State Of The Student Housing Industry Report
The top five challenges or frustrations mentioned by residents in the survey were cost/affordability, roommate conflicts, lack of single rooms, facilities issues and meal plan requirements/costs.
However, Emotional Support Animals (ESAs) play a significant role in supporting the mental health and wellbeing of students.
Accommodating ESAs can help create an inclusive and supportive living environment, which StarRez states is essential for fostering student success and satisfaction within the housing community.
Student housing operations can boost revenue through several strategies including summer rentals and conference hosting, while specialised housing options and event space rentals can attract premium pricing and maximise facility usage throughout the year.
These approaches not only increase revenue but also optimise asset utilisation and reduce financial reliance on traditional academic-year occupancy.
“This report underscores the critical importance of aligning staffing practices, resident satisfaction, and operational efficiency to enhance overall performance in student housing.
“Our findings reveal that institutions with higher staff satisfaction and effective management tend to have better resident retention, satisfaction and demand.”
StarRez 2024 State Of The Student Housing Industry Report
The publication of this report follows news of StarRez and Microsoft extending their partnership. The incorporation of Power Automate within StarRez’s framework aims to simplify workflows, saving time by effortlessly automating repetitive tasks and workflows.
Power Automate allows users to control the scheduling and table formats of excel exports for active addresses of new arrivals.
