Gen Z & Student Housing in 2024

Generation Z, or Gen Z, are the digital natives born between 1997 and 2012. Raised in an era of Wi-Fi, smartphones, and social media, this generation is accustomed to the accessibility of limitless information at their fingertips. Characterized by strong opinions, a strong sense of individuality, and a zeal to make a difference, Gen Z stands poised to redefine the world.

In today's higher education landscape, Generation Z dominates most student bodies and requires more than just four walls to live in. Today’s Gen Z students prioritize experiential value in their living spaces and seek aesthetics in their student accommodation.

How does Gen Z Impact Student Housing?

Socializing & Networking

Generation Z places a high value on both in-person and virtual connections. Therefore, creating communal spaces within student housing that facilitate student interaction is essential.

Affordability

Most students demand curated living experiences at an affordable range. This means working to reduce cost per bed, as well as maintenance costs.

Equality

Gen Z demands inclusive housing and restroom facilities that do not discriminate based on gender. Additionally, they emphasize the need for increased efforts to ensure the safety of young women.

Branding

The Property Marketing Strategists (TPMS), in collaboration with Dig In and sponsored by The Crowd Agency , have revealed that 49% of students establish a connection with a brand based on their interactions with the staff.?

Significance of branding in Student Accommodation

The significance of brand positioning in student accommodation has lacked comprehensive research until now. The recent #YouthForum sheds light on the powerful influence of brands on students' decision-making, exploring everything from brand recognition in the sector to the demand for hotel-style aesthetics in student accommodation.

Students aren't just searching for a place to stay but are actively seeking a vibrant and fulfilling lifestyle. To solidify their market presence, brands must prioritize resonating with students' values, fostering a sense of community, and showcasing the experiences and opportunities their accommodations offer.

Key Factors Influencing Students’ Decisions

According to a report published by Youth Forum, some of the key factors influencing students' accommodation choices were identified. A significant 93% of participants emphasized the importance of price, while 73% considered location crucial. Notably, 48% of students expressed openness to residing with the same accommodation brand in different cities.?

The report also revealed that 67% of students feel a stronger connection to brands prioritizing superior customer service. Noteworthy brands such as Unite Students , iQ Student Accommodation , and Student Roost stood out among recognized student accommodation options. Social media played a notable role, accounting for 13% of students' overall sense of brand connection. Additionally, 39% of students reported feeling connected to student accommodation brands based on shared values.

"We have had long discussions on the power of the brand. Many believe that price and location are the only driver, and how you package that up bears no weight on customer choice. As marketers, we know that a good brand will encapsulate all that your product has to offer, including price and location, and we wanted to use our Youth Forum survey and focus group to delve deeper into how brand and choice play out with customers." Deenie Lee , Co-founder of The Property Marketing Strategists

A survey conducted by Casita's accommodation partner, Unite Students, revealed that the top priorities for 2024 students were 'managing finances' and 'finding part-time work.' In response to this identified need, they forged a partnership with Shepper . Through Shepper, individuals can earn compensation for undertaking small, local tasks, such as checking in on buildings. Students can choose the frequency of these tasks, allowing them to supplement their finances on their own terms. This initiative provides students with a convenient way to enhance their financial situation without compromising their social or educational experiences at university.

While limited research has been conducted on this particular topic, as time progresses, brands and marketplaces will increasingly engage with students and delve into data to ensure they effectively address the evolving needs of Gen Z.