IN CONVERSATION WITH
JULIA ORAVEC
By Laura E. Rumbley, Cecilia Albè
For this edition of Forum, we interviewed Julia Oravec, Residential Research Director at BONARD, a leader in student housing and the rental living market. With several years of expertise, Julia analyses global trends in higher education accommodation. In this interview, she discusses Europe’s student housing challenges, the impact of policy shifts, and innovative solutions bridging the demand-supply gap — from investor-university partnerships to the rising "well-being agenda" in student residences.
Bonard’s research shows that the student housing market globally has attracted a notable increase in attention from investors over the last several years. In short, this is a ‘growth industry’. What has driven this trend and how does the situation in Europe align with or differ from that general picture of growth at a global level?
JO: The student housing sector continues to expand, with over 1500 companies now actively involved — more than double the number from five years ago. The trend is driven by the demand-supply gap that continues to grow.
The number of higher education students generally in Europe is growing and accommodation for them is simply not being built fast enough. The growth of international student numbers is even more prominent.
International student mobility has shown steady growth over the past decades, despite a temporary slowdown in student mobility during the pandemic.
In 2022, UNESCO Institute of Statistics reported 6.9 million international tertiary students worldwide, marking a 70% increase from 4.1 million in 2012 (a decade prior) and a 20% rise from 5.7 million in 2018 (five years prior).
The Big Four study destinations — the USA, UK, Canada, and Australia — remain the top choices for international students, attracting one third of all study-abroad enrolments. These countries, of course, host some of the world's highest-ranked institutions offering education in English.
The European Union follows closely, hosting 25% of international students globally, or 1.6 million in 2022. The trend in Europe largely aligns with the global pattern, showing a 20% increase over the past five years.
You closely monitor trends that affect the demand for student housing, one of which is clearly international student mobility, as you’ve mentioned. We’re seeing some significant policy measures being introduced in a range of countries across Europe and elsewhere designed to limit international student numbers. How do you assess the potential impact of these developments on the student housing landscape in Europe today?
JO: Indeed, there are already policies introduced in several destinations and discussions in others. This may potentially change the landscape of the most popular global study destinations and bring a bigger focus on Europe but also on intra-regional mobility.
Policy changes and restrictions on inbound student volumes introduced in the Big Four destinations in 2024 — and continuing into 2025 — are reshaping the landscape amid growing global demand for international education. Looking back on 2024, traditional study destinations, particularly Australia, Canada, and now the United States, are facing questions about their reputations as safe and welcoming environments for international students. Meanwhile, European countries are developing their strategies individually — some are creating more favourable conditions for inbound students, while others are enforcing stricter limitations (eg the Netherlands). On the growth side, the German Academic Exchange Service (DAAD) has introduced a new 2030 strategy focused on attracting more international students. Additionally, Germany recently implemented the Skilled Immigration Act, which allows students to work longer hours while studying and provides smoother pathways to permanent residency. France, which hosted 319,873 international students in 2023/2024 (France Ministry of Education), announced plans to increase this number to 500,000 by 2027, with a strong focus on recruiting students from Africa.
There are very concerning cases of a series of gaps in housing options for such students in key European cities. Many argue that long-term solutions must involve multiple stakeholders: housing providers and investors, city governments and planners, higher education institutions, student advocacy groups, etc. Are these groups effectively engaging with one another? Are there any interesting examples you can cite of creative and effective initiatives to improve/expand student housing that have clearly involved a multi-stakeholder approach?
JO: Fully agree, comprehensive solutions will be the most effective. Indeed, in some markets those benefits were already grasped and put to use while in others this route is still being explored. For example, in the UK it's common for private developers and investors to cooperate with universities. Universities typically provide land and/or guarantee future occupancy, while the private sector handles construction and operation.
This model's success extends beyond Europe. Waterloo, Canada demonstrates how integrating student housing into urban planning goals can yield remarkable results.
Beginning in the 1980s with a deliberate strategy to incorporate student accommodation into city development plans, Waterloo's approach benefited from supportive municipal policies and private sector engagement, ultimately creating substantial housing solutions for its growing student population.
Another case that would help market development but is yet to be implemented may be city government reducing roadblocks for obtaining a building permit for the student residence or easing the construction fees.
As we have seen, the student housing crisis is a reality — yet its impact varies widely across EU countries. What factors explain why some countries and cities have been more affected than others?
JO: While historical approaches explain part of the picture, economic and market conditions play an equally significant role.
European universities traditionally didn’t prioritise accommodation as part of their role— focusing instead on the academic offer — which left a gap in supply. In contrast, the UK’s market is more developed because universities and private investors have long collaborated to secure student housing. Then we have a case like Germany: renting has long been the norm there, but now soaring mortgage costs push even more demand into rentals, squeezing student housing.
Another key factor is how well housing policies align with education goals. Some markets expanded student enrolment faster than construction could keep up. So, it’s often a mix: historical gaps, economic pressures, and whether governments or universities see housing as a priority.
Simply having a roof over one’s head is one thing. But, providing internationally mobile students with safe, enriching living environments that purposefully address well-being is also important to the international higher education community. Can you talk to us about any key trends you’re seeing with regard to the ‘well-being agenda’ in the international student housing market?
JO: It is very true that nowadays students can be quite demanding tenants (and sometimes their parents are demanding, too). Compared to previous generations, today's students have higher expectations for security and community, for example, in terms of areas to socialise and connect.
BONARD has been gathering data on student housing products to track how the services and amenities on offer are evolving in line with students’ requirements. Comparing student residences that are more than three years old with newly opened student stock clearly shows that game rooms, gyms, study rooms, and outdoor areas are becoming more prevalent. Newer residences overall list a more diverse range of amenities and services.
What excites you most about the work your organisation does to track the international student housing market?
JO: Working in student housing is very rewarding because we get to see the real-world impact of our efforts. Every feasibility study we conduct for new developments has the potential to create added value for the community, for example by transforming empty land or old buildings into much-needed accommodations.
Crystal ball question: What’s the most important (potential) development/trend on the horizon affecting international student accommodation in Europe that higher education institutions should be keeping their eyes on?
JO: There has long been a tendency to focus on the growing number of international students as the key metric. However, with recent shifts in student mobility flows, it has become increasingly important to also examine the changing composition of student nationalities in specific destinations. We are witnessing a marked increase in intra-regional mobility within Asia, which is drawing students from traditional markets such as China, Japan, and South Korea away from their usual destinations. At the same time, a growing share of internationally mobile students now comes from more price-sensitive markets, further reshaping global demand dynamics.
Resource:Bonard Student Housing Annual Report 2024
