Analyzing the "map" of student housing, Geoaxis reports that compared to 10 years ago, the asking prices increased by an average of 91.5%, with the capital registering an impressive increase of 115.73%.
The absence of new constructions at an affordable rental level and the short-term rental phenomenon have, according to the research, an extremely negative effect on the supply. The level of the increase in requested rents compared to last year is determined on average at 15.1% while compared to 10 years ago at 91.5%.
Clearly fewer student apartments are available on the domestic market than in 2015, as a percentage of properties around 15%-20% have definitively entered short-term rental status. The supply of student apartments is expected to decrease further due to an increase in tourism. Indicatively, in Goudi and Zografou we had an increase in registered properties on short-term rental platforms of 11.04% and 11.3% respectively, compared to 2023.
In terms of age, as expected, the oldest student apartments are recorded in Thessaloniki (Center) with a median age of 53 years. It is followed by Athens with a median age of 47 years, Volos with 39 years, Patras with 36 years and Heraklion in Crete with 29 years. Komotini records the lowest median age with 21 years. In conclusion, a typical student apartment has an average age of 25 to 45 years.
Accordingly, the largest student apartments are recorded in Athens with a median area of 52 sq.m. It is followed by Thessaloniki with 48 sq.m., Volos with 47 sq.m., Heraklion in Crete with 45 sq.m. and Komotini with 42 sq.m. The smallest median surfaces of student apartments were recorded in Patras with 41 sq.m. In conclusion, a typical student apartment has an average area of 40 to 50 sq.m.
Private student housing units
However, the new trend recorded in the market is the development of "all inclusive" private student residences, where their advantages over standard student apartments are:
- The price includes all services and bills (such as cleaning, security, electricity, water, heating, internet and utilities)
- Standardization of the apartments and the unique option of accepting the full package of benefits greatly facilitates management,
- The provision of high security to tenants (card entry system, cameras, security, etc.)
- The apartments are fully renovated and furnished
- They are located near schools or very close to Public Transportation
- There is - in some cases - the possibility of flexible leasing depending on the period of study
- The percentage of increased rent compared to standard student apartments varies between 20% - 40% depending on the city
As the quality of the existing (state) university student residences is considered from tolerable to disappointing, while their numerical insufficiency is a given, the rapidly growing demand was quickly exploited by many private companies from the entire spectrum of the real estate market (REIC, construction companies, investors , funds etc.). The investment trend in this sector is expected to intensify significantly.
