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Low vacancy rates and high demand from students for the 2023 academic year have resulted in an increase in student accommodation rents.
Student accommodation provider Scape says rents are already 10% above pre-pandemic levels and many of their properties are already committed for next year.
Property Council of Australia executive director of the Student Accommodation Council, Torie Brown, says many operators are reporting similar demand.
A Property Council report into student accommodation shows foreign student numbers will lift from 521,000 this year to 699,000 by 2027.
It predicts the national total of purpose-built student accommodation will grow to 93,300 beds by 2025.
Students from China have the largest marketshare of students using the accommodation (27%), followed by Australian students (26%), Indonesia (5%), India (4%) and Malaysia (4%).
Tight rental markets have increased the number of Australian students seeking purpose-built student accommodation.
The report says for the sector to grow further it needs a reduction in barriers to investment.
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