In today’s society, we live in a highly competitive environment in which one’s education plays a significant role in opening up different career and personal opportunities. We are seeing higher rates of enrollment at colleges and universities throughout the country, ultimately resulting in the urgent need for affordable student housing. An article written by the National Real Estate Investor states that “by 2026, there will be 22.6 million people pursuing a post-secondary degree in the U.S., up from 20.4 million in 2017 and just 6.6 million in 1990.” The flow of students being accepted and enrolled in colleges is overwhelming the current campus capacities, and many colleges are struggling to keep up with their growth.
Although growth is a positive thing, it can also be very disruptive to the current student body. Student housing is already expensive and competitive to begin with, and now the issue is getting even worse. With traditional construction methods, the cost of the overall development and labor is high, which drives up the cost of rent. Many students are already paying for their education out of their own pockets and working to pay off any student debt they may have. The majority of the student population is not able to afford the living costs of these newer developments.
Modular construction can help solve a lot of these issues and much more! By moving the construction to an off-site location, the foundation work would be completed before even arriving to the campus. Therefore, current students living on campus would not be disturbed for an extended period of time, which they would have endured with traditional construction methods. Modular construction helps reduce construction costs by 20% and reduces construction time significantly.
With lower construction costs and quicker build time, developers would now be able to offer these accommodations to students at a lower price. Modular student housing is the future of college campus development, and some schools have already reaped the benefits. Completed projects in North Carolina, Wyoming and Pennsylvania prove that this concept is successful. So, what are you waiting for? Take your development to the next level with modular construction!
Need help with your next student housing? Contact us today and find out why Z Modular is The Only Way to Build®.