National Housing Market Outlook

πŸŽ“πŸ  Intern insights: What do college students really want from housing?

EricFinnigan_web
Lesley_Deutch_web

Eric Finnigan

Lesley Deutch

August 3, 2023

Special thank you to research internΒ Rylee WhortonΒ for co-authoring this article.

This summer, JBREC welcomed eight talented college students to intern at the company for 10 weeks. It’s been a lively and productive summer, and as their internships end, we are sad to see them go.

Before the end of their time with JBREC, we polled our interns about their student housing preferences. We asked:

  • What’s most important to you in your student housing experience?
  • Is there an ideal student housing unit?
  • And how are you responding to rising rents for student housing?

Our poll captured a wide range of off-campus housing preferences. Conveniently located housing is important to students, and a gym is a highly valued amenity. Rent increases have impacted students’ decisions, like adding additional roommates and renewing their leases.

Our interns have diverse preferences about the ideal off-campus housing and unit size.

  • “I can easily say that living in the house my junior year with only four other roommates was my favorite. Having privacy but also having a few roommates was great for me.” β€”Jacob Kossman

  • “My preferred living situation has been in my sorority house. The environment strikes the perfect balance between working diligently and enjoying moments of fun and relaxation.” β€”Rylee Whorton

  • “I also loved living in an apartment because I was able to choose to live with three of my best friends. I like to be around my friends after the school day is done, and the easiest way for me to do that is to live with a lot of people.” β€”Matt Andelsman

  • “A house is way more accessible and has a lot more privacy than an apartment or a dorm on campus. The more bedrooms, the better, because it makes the rent cheaper for everyone.” β€”Jacob Salywoda

  • “I have enjoyed living in the houses much more than the dorms. I can be with my best friends, and we can have whoever we want to have over, plus our own kitchen and bathrooms, which is a luxury.” β€”Drew Hoffman

  • “I prefer to live in student housing with one or two bedrooms because I have a personal preference for fewer roommates.” β€”Tori Schulman

Most agree that walkability, convenience, and safety set student housing options apart.

  • β€œProximity to campus is more important than having good amenities. Having to drive to campus is not necessarily a deal breaker for me, but having the option to walk to campus, friends’ houses, etc. is very important.” β€”Jacob KossmanΒ 

  • β€œMy main priority is location. I want the walk, at most, to be 20 minutes to my class from my housing.” β€”Rylee Whorton

  • “I look for a location that is relatively safe (extra safety features like key fob access or security personnel is a plus) and convenient access to my classes, activities, and grocery store.” β€”Tori SchulmanΒ 

  • “Even as a commuter student, location was a huge factor. My parents live a 10-minute walk to campus. It didn’t make sense to live in dorms. But I would pay more for a safe and clean location.” β€”Angelica CruzΒ 

  • “My top priority is the location. I would prefer to live in a safe area.” β€”Garik Ghazaryan

A gym is a must-have.Β 

  • “A fitness center that is an elevator ride from your apartment is extremely convenient and saves a lot of time.” β€”Tori Schulman

  • β€œHaving access to a gym is crucial for me. The convenience of being able to wake up and start my work out immediately sets a productive tone for the day.” β€”Rylee Whorton

  • “It was very convenient to have a gym within walking distance of where I was living.” β€”Matt Andelsman

Rent increases result in more roommates and renewals.

  • β€œThis upcoming year I will be living with five people in a five-bedroom house. We are debating on adding two people to the lease to decrease the rent and make our financial situation more feasible.” β€”Drew Hoffman

  • β€œEvery place is more expensive, so I’m staying put in the house I am in now, despite the rent increase. It has not affected my decision-making.” β€”Jacob Salywoda

  • β€œCompared to new lease rates and new lease rate increases, I am better off absorbing the cost of the renewal rather than finding a different community to lease in as a new tenant.” β€”Tori Schulman

  • β€œI’m currently living with four other roommates already, so rent increases do not affect me as much as someone who is living by themselves or with just one other roommate.” β€”Jacob Kossman

Are you a motivated college student graduating in spring 2025 and interested in real estate? You might be the perfect candidate for a John Burns Research & Consulting summer internship. We will accept applications for the summer 2024 intern class in October. Follow JBREC on LinkedIn to find out more.

JBREC offers a full suite of real estate consulting services for the housing market, including rent and lease-up recommendations, demand analysis, market feasibility, and more. Contact us if you want to learn more about our products and services.

Thank you to Rylee Whorton for co-authoring this article.

Rylee Whorton

Research/Demographics Intern

Rylee is currently attending the University of Southern California and will be graduating Spring, 2024 with her BA in International Relations Global Business and a minor in Psychology.

Building Market Intelligenceβ„’

Every week, we deliver analysis to over 40,000 subscribers with our Building Market Intelligenceβ„’ newsletter. Subscribe to our weekly BMI newsletters to stay current on pressing topics in the housing industry.

About The Author

Eric Finnigan
Vice President of Research and Demographics
Eric oversees several research and consulting reports covering the building products space, including the U.S. Remodeler Index.
Lesley Deutch
Managing Principal
Lesley has more than 25 years of experience consulting with executives in the finance and real estate industries throughout North America. She works across a wide spectrum of industries including apartments, for-sale housing, high-rise development, urban projects, single-family rental, building products, and commercial developments.

Contact Us

If you have any questions about our services or if you would like to speak to one of our experts about we can help your business, please contact Client Relations at clientservices@jbrec.com.

Products and Services Mentioned

New Home Trends Institute

The New Home Trends Institute pairs design inspiration with exclusive insights into the β€œwhy” behind consumers’ housing choices. Gain exclusive insight into housing preferences and pain points through our monthly survey insights reports, webinars, and proprietary surveys of builders, architects, designers, and other industry professionals.

Building Products Package

Our research subscription provides unparalleled expertise and a unique specialized perspective on new construction and remodeling, backed with exceptional data, for business planning and investor relation support.

Research Membership

Our research services enable our clients to gauge housing market conditions and better align their business and strategic investments in the housing industry. We provide a thoughtful and unique holistic approach of both quantitative and qualitative analysis to help clients make informed housing investment decisions.

Latest Insights

Time to Reflect: Five 2023 Trend Predictions We Nailed and One We Didn’t See Coming.
The Missing Resale Market
How Meritage Homes Drew Up a New Blueprint for Success