As per industry estimates, nearly 8 million migrant students are dependent on private housing options and this number is expected to increase at a rate of 8 percent year-on-year – further bolstering demand for dedicated student accommodation solutions.
The need for dedicated student housing solutions has been a historic one, considering millions migrate domestically to urban economic centres for better higher education, career and lifestyle opportunities. Over the years, increased internet penetration has augmented this migration by creating a more aware, aspirational and risk-taking population that is willing to explore transient lifestyles. This population base is prioritising personal and professional growth as opposed to being tied down to a geography, due to social, cultural or economic constraints. As per industry estimates, nearly 8 million migrant students are dependent on private housing options and this number is expected to increase at a rate of 8 percent year-on-year – further bolstering demand for dedicated student accommodation solutions.
Recommended ArticlesView All
Pakistan Economic Crisis | What happens if the country defaults on its debt
Feb 8, 2023 IST5 Min(s) Read
View | Democratising digital markets, the ONDC way
Feb 8, 2023 IST6 Min(s) Read
Worldview | State of the Union Address — Biden knows how to aim the sling
Feb 8, 2023 IST6 Min(s) Read
Considering buying an SUV? Factor in the waiting period
Feb 8, 2023 IST3 Min(s) Read
On the flip side, the dominance of fragmented and unorganised housing solutions and their failure to bridge the demand-supply gap has been the sad reality of the sector. With dilapidated buildings, cramped and over-accommodated PGs, poorly maintained spaces, unhygienic food and limited amenities, customer experience has been the biggest casualty. Fixing management of these set-ups is not a high priority for most mom-and-pop providers and residence owners. Hence, we feel, the hunt for quality accommodation and hassle-free management of daily living needs causes repeated and significant loss of time and resources for students, which would otherwise be more appropriately spent in fulfilling educational aspirations and in the pursuit of personal and professional experiences.
Also, traditional PGs and hostels are out of touch with the actual needs and aspirations of the student community. Rather, student lifestyle preferences have often been scrutinised as inimical to the atmosphere of residential communities – creating a further need for separate, student-specific housing solutions that allow freedom of lifestyle choices.
Organised student housing companies, with their new-age outlook and a focus on professional management, are creating massive differentiation over existing PGs and hostels, attracting high consumer interest.
Against varying standards of service and infrastructure quality currently available in the market, professionally managed student housing companies are driving high quality, benchmarked offerings that deliver a comprehensive and convenient living experience. Students now don’t have to worry about the hassles of paying bills for diverse amenities, maintenance of their residential space, housekeeping and other service concerns.
Today, student accommodation providers are in a position to create even greater value for their offerings. With a large captive audience set, they can extend engagements beyond providing a place to stay, to taking care of a host of short and long-term lifestyle needs. Professionally managed student accommodation providers like us have begun to re-define student living in the country. The real impact will now be created by delivering unique, curated and superlative consumer experiences at scale.
Anindya Dutta is the MD and Co-founder of Stanza Living.
First Published: Sept 19, 2019 6:00 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!