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(USGovernment-News.Com, January 02, 2019 ) The global students’ and workers’ accommodation market, a part of the hospitality industry, grew at a compound annual growth rate (CAGR) of around 8% during the historic period. The hospitality industry showed a steady growth. The growth is mainly due to the rise in the university and college enrolment rate and the tendency in many countries for students to study away from the parental home are increasing the demand for student accommodation worldwide.
In the forecast period, the global students’ and workers’ accommodation market size is expected to be over $25 billion by 2021, growing at a CAGR of nearly 9%. This is expected due to the scholarships and financial aid offered by governments, corporations and other organizations is increasing college enrollment among low-income students, thereby driving the student accommodation market. Scholarship programs are encouraging low income students to enroll in colleges. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global students’ and workers’ accommodation market in the future.
Companies are beginning to look for ways to provide sustainable housing to reduce their environmental footprint. Energy and water efficiency are the top priorities of accommodation owners due to their cost saving benefits as most student accommodation provides energy and water to residents as part of the fixed rentals.
Major companies in the students’ and workers’ accommodation market, offering sustainable technology include American Campus Communities, United Group PLC, Education Realty Trust, Campus Crest Communities Inc., Centurion Corporation, The Scion Group.
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