Student Housing Investments: Furnishing for Demand
Student housing can be a lucrative investment path for you. After all, reports show that this line of business will likely hit revenue highs of USD$1,383.4 million (GBP£1,020.7 million) come 2030, and that's in the UK alone. [1]
One thing to keep in mind, though, is that how you approach this market may determine whether you reap the fruits or don't. One such make-or-break factor is the furnishings you choose.
You're out in the market for students. That said, the choices you offer should suit their lifestyle. Here are some tips to help you make the right decision:
Durability Beats Luxury
Students will be around for a few years or months and move on. Typically, they'll not be after something too fancy or high-end. They could do with practical instead. When setting up your furnishings, you'll need to keep this in mind.
For starters, go for materials that can withstand daily wear and tear. Metal frames, scratch-resistant surfaces, and waterproof fabrics are likely to stand the test of time. When it comes to furniture, pay keen attention to modular ones with replaceable parts. This can extend their lifespan.
Delicate finishes and ornate designs look good and can take your student homes' vibes to a whole new level. But for your students' housing, you may need to temper them down. Many of these designs are prone to damage, making maintenance a recurring headache.
Multi-Functional Furniture Can Mean Space Saving
Naturally, student houses tend to be on the smaller end. The numbers show that the average size of studio purpose-built student accommodation in the UK stands at about 20.6 square metres. Compare that with the average dwelling size of 87.0 square metres across the country, and the point becomes clearer. [2] [3]
To make the best of this small space, you may need to consider bringing multifunctional furniture for modern living or other such options into the fold. These items help maximise space and functionality as they play more than one role.
A sofa bed is one example of this class of furniture. It can make for a comfortable sleeping area when the occupant wants to lay back, and at the same time a very cozy seating place, all without eating up too much floor space.
If your space is smaller or may seem cramped when you add a full version, a single sofa bed or other similar pieces can do the trick. These options come with all the benefits of the sofa bed but only serve one person. They can grant your tenant relative comfort while still saving space.
You can also work with beds that come with built-in storage drawers or lofted designs, which can help free up floor space. Foldable desks, wall-mounted tables, or ottomans with hidden compartments can also make their lives a lot easier.
Make Your Rooms Modern but Leave Space for Personalisation
Students today may not value rooms that look stuck in the 60s, unless it's by design. A touch of modernity peppered with professionalism can help reel them in.
There are many ways to achieve this look and feel. First, consider using neutral tones like grey, white, and beige paired with bold accent colours like teal, mustard yellow, and navy. This allows for a balanced, stylish aesthetic that's modern and inviting.
Trendy design elements like minimalist lighting, geometric patterns, or industrial-chic fixtures add to the appeal. You don't have to go out of your way such that your investment loses its practicality. Find a balance that works for you and your tenants and stick to it.
You may also need to make peace with the fact that your tenants come with their personal tastes, and this may include wallpapers and other customisable options. Give them the room to express their individuality, provided it doesn't mess up the overall aesthetics or destroy the overall dwelling experience.
Leave Room for Flexible and Adaptable Furnishing Options
No two students are the same. Each one comes with their own needs and lifestyle, which can be influenced by their preferences, course loads, and so on. Your housing investments must reflect that.
Offer fully furnished and semi-furnished units for different budgets and tastes. You should also give room for tenants to swap out certain furniture items. If, for example, they find a desk too small for their needs, they could get a larger table. Being too rigid may be off-putting and leave your tenants looking for other amiable options.
Another clever hack that guarantees flexibility is using movable furniture in the rooms. The students can rearrange it to suit their habits and the plans they have for the room.
Consider Both Social and Academic Comfort
While studying is primarily why students are in institutions, like everyone else, they're entitled to social lives, which might include meeting and interacting with their peers and friends. Consider putting up communal areas where this student experience can take place.
If it's within your budget, have a lounge with pretty comfortable seating, coffee tables, and a charging station in the dwellings. Students can sit here and talk, get their work done, and so on. You can also set up study zones away from the hustle and bustle. Large desks and ergonomic seats can do the trick.
Planning for downtime within the student residences can be another unique selling point. Entertainment features like gaming consoles, TVs, or board game shelves can help your tenants relax while building a community with other students.
Bring in Smart Technology
One thing you can count on is students being tech-savvy. It's not uncommon for them to consider seamless connectivity and other such conveniences a dealbreaker when selecting student dwellings.
To stay ahead of the curve, consider equipping each unit with high-speed Wi-Fi routers for seamless connections. In addition to connectivity, introduce keyless entry systems to guarantee exclusivity and security. This added peace of mind can make your property more popular with students.
Another convenience factor is USB ports and wireless charging pads. Include them in desks and nightstands so students can use their devices wherever they are. It can go a long way.
Final Thoughts
How you furnish your student housing investment may be the difference between getting the ROI you're looking for and missing out altogether. The strategies in this guide can help you turn the property into one that stands out in a competitive market, meets current demands, and stays aligned with future trends.
Sources
1. UK Student Accommodation Market Size & Outlook, 2024-2030"
3. Housing Spaces in Nine European Countries: A Comparison of Dimensional Requirements"
