Apartments/HospitalityBonneville Builders

Student Housing Boom

By September 13, 2018 No Comments

Utah has had national recognition for its high growth and housing boom. Everywhere you drive  you see single family homes under construction and just as many more multi-family projects. I have had a lot of friends outside our industry ask if it is sustainable. The fact is that Utah is the fastest growing State in the Union with more than 50,000 new people moving in each year. While we have an unprecedented growth in residential, the need is still out pacing construction.

This need for housing has also created a deficit for students. Utah’s colleges and universities have done an incredible job of expanding programs and attracting more students than ever before. There are over 20 colleges and universities throughout the state of Utah. It is projected that these colleges and universities will add over 61,000 new students over the next 10 years.

Where have the dorms gone?

Many universities and colleges across the country are finding that housing their students has a large influence on not only the success of the students, but also on the school. Housing situations can impact student retention rates, especially as housing becomes more unaffordable and unavailable. To encourage students to live on-campus, universities and colleges are putting a new emphasis on adding more student living accommodations to their campuses.

Ever increasing student populations paired with the lean housing market, puts a lot of pressure on campuses to build housing that is desirable, affordable, and can accommodate a high number of students. The solution is multi-story mixed use complexes which mirror the needs and lifestyles of those who will stay there. Universities and private developers have already begun and completed many of these throughout the state of Utah.

Gone are the days of traditional dorms, with communal bathrooms and entertainment areas. Today these new facilities have adaptable common areas, private suite-like rooms, outdoor pools and spas, and so much more. The only difference between these projects and modern apartment complexes are the designated individuals who live there.

Bonneville Builders is an expert in these apartment style student housing projects with over six projects having been built or in the planning stages.

Student HousingThere are 4 key elements of a successful student housing project:

  1. Affordability – We must ensure that the projects cost come in to support market rents as well as a healthy return for the developer and their investors.
  2. Timing – Each project needs to be planned, designed, and built to meet the specific College or University class start dates. There is no room for error here, when classes start, students need a place to stay.
  3. Social Life – The most successful and attractive student housing projects are those that incorporate active social environments into the student’s everyday life. These facilities need to support a multitude of activities and events that are most attractive to students.
  4. Comfort – In the end, students need a comfortable clean and attractive place to live. Interior designs and materials used must be attractive yet durable.

Bonneville Builders provides predictability to developers and investors who are looking for certainty, early in the design process. We ensure that all the components of a project described above are being met. Our success as an industry leader in student housing projects comes from our understanding, expertise and commitment to detail.