StarRez announces the release of its inaugural 2024 State of the Student Housing Industry report, highlighting key trends in student housing operations. This annual report will help housing professionals track evolving industry trends and make strategic investments with their resources and time.
DENVER, Nov. 14, 2024 /PRNewswire-PRWeb/ -- StarRez, the global market leader in student housing software, announced the release of its inaugural 2024 State of the Student Housing Industry Report. The report complements other industry findings by exploring key areas such as technology integration, evolving inclusivity efforts, and the broader challenges faced by student housing professionals. StarRez will publish future reports on an annual basis, enabling institutions to track evolving trends and assess how their operations align with industry developments over time.
Drawing on contributions from over 340 institutions of varying sizes across the globe, the industry report provides a well-rounded perspective of student housing priorities, challenges, and opportunities. Offering unique insight into the complex needs of today's students, the report equips institutions to make informed decisions to optimize budgeting, streamline operations, and enhance the student living experience.
Key Insights from StarRez's 2024 State of the Student Housing Industry Report include:
- Roommate Matching Technology Reduces Room Changes by 35%: Institutions that implemented online roommate matching systems experienced a room change request rate of 5.93%, compared to 9.15% for teams using manual processes. This technology adoption not only reduces staff workload but also creates a more seamless experience for students.
- Affordable and Varying Housing Options Influence 90%+ Average Occupancy Rates: According to the report, 58% of institutions have achieved occupancy rates of at least 91%. Factors influencing these rates include the affordability and variety of housing options, proximity to campus amenities, and the overall demand for on-campus living driven by university policies and the local housing market.
- Gender-Inclusive Housing is a Growing Trend, Now Offered at Three-Fourths of Institutions: The report reveals that 73% of institutions are prioritizing inclusivity by offering gender-inclusive housing, and 4% of respondents are in the process of implementing it, reflecting the growing demand for supportive and diverse housing options that cater to all students.
- Proven Focus on Student Well-Being, with 83% of Global Institutions Providing Emotional Support Animal Accommodations: The data shows that 83% of institutions accommodate ESAs to support student mental health, with the average percentage of ESAs landing at 1.39% per total bed count, underscoring the importance of providing diverse housing options that contribute to overall well-being.
- Higher Staff Satisfaction Yields 10% Improvement in Resident Satisfaction: Institutions with higher staff satisfaction reported a 10.4% improvement in resident satisfaction, highlighting the importance of addressing staff needs. Additionally, satisfied staff had an 83.53% staff retention rate, which is 15.8% higher than the retention rate amongst less satisfied professional staff.
- Institutions with a First Year Live-On Requirement Boast a 29% Higher Resident Retention Rate: The report reveals that 36% of institutions have no live-on requirement and 22% of institutions have a one-year live-on requirement. The data reveals that institutions with a first year live-on requirement boast a 29% higher resident retention rate than those without any on-campus living requirement.
- The Global Need for Student Housing is Growing, with 86% of Institutions Reporting High-Demand: The report reveals that 62% of institutions say the current demand for student housing in their area is "very high" with an additional 24% rating the demand as "high." Only 14% responded that demand was "low" or "very low." In addition, the data reveals that institutions with higher resident satisfaction experienced slightly greater housing demand.
"We love using data to help keep pace with the needs of our global community and ensure we can empower our community and team to drive thoughtful decisions. Our team is passionate about helping residential communities thrive, and great insights ensure the right initiatives can be prioritized," said Travis Knipe, CEO of StarRez. "Insights also help highlight key trends so housing professionals can better anticipate challenges and seize new opportunities to create vibrant, connected communities where students can thrive."
For more detailed insights and to access the full 2024 State of the Student Housing Industry Report, please visit https://www.starrez.com/student-housing-industry.
To learn more about StarRez, visit StarRez.com and follow StarRez on LinkedIn at https://www.linkedin.com/company/starrez.
About StarRez
StarRez is the global market leader in student housing software and residential community management. Its easy-to-use, all-in-one platform integrates all aspects of housing management, from application to occupancy to maintenance, providing a seamless experience for occupants and administrators alike. StarRez offers our community members both the robust capabilities of a large organization and the care, knowledge, and personalized service of a small business. With offices in the United States, Australia, and the UK, StarRez is a trusted partner of more than 1,300 community members across 25+ countries, managing more than 3 million residents. To learn more, visit https://www.starrez.com.
Media Contact
James DeMarco, StarRez, (908) 328-1060, [email protected], www.starrez.com
SOURCE StarRez; StarRez
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