Us Students And Workers Non-residential Accommodation Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
Students And Workers Non-residential Accommodation Market was valued at USD 27.5 Billion in 2022 and is projected to reach USD 42.8 Billion by 2030, growing at a CAGR of 7.5% from 2024 to 2030.
The U.S. students and workers non-residential accommodation market is experiencing significant growth, driven by increasing demand for affordable housing solutions. In 2023, the market was valued at approximately $17.18 billion and is projected to reach $42.24 billion by 2032, expanding at a compound annual growth rate (CAGR) of 10.40% during the forecast period. This surge is attributed to factors such as rising educational enrollment, urbanization, and economic conditions.
One notable trend in this market is the adoption of innovative housing models, including micro-housing units and co-living spaces. These options offer cost-effective and flexible living arrangements, particularly appealing to students and transient workers. For instance, cities like Denver and Seattle have explored converting vacant office buildings into co-living, dorm-style units. This approach not only addresses housing shortages but also revitalizes underutilized urban spaces.
Despite the positive outlook, the market faces challenges. Economic downturns can reduce the number of individuals seeking non-residential accommodation. Additionally, stringent government regulations and high maintenance costs can hinder market expansion. The COVID-19 pandemic further exacerbated these issues, leading to decreased demand due to travel restrictions and a shift toward remote work and online education.
Opportunities abound for developers focusing on sustainable and technology-integrated housing solutions. The increasing use of artificial intelligence (AI) enables providers to anticipate demand, optimize pricing, and streamline operations, thereby enhancing profitability. Moreover, the growing trend of remote work and online education presents a unique opportunity to redefine non-residential accommodations to cater to a more flexible lifestyle.
In terms of regional analysis, North America holds a significant share of the market, with the U.S. being a major contributor. The country's robust educational infrastructure and thriving corporate sector attract a substantial number of international students and transient workers, fueling the demand for non-residential accommodations. However, affordability remains a concern. As of November 2024, the median rent across the 50 largest U.S. metros was $1,703. Minimum-wage earners often struggle to afford housing, necessitating extensive working hours to cover rent costs. For example, in cities like Nashville, TN, and Austin, TX, two minimum-wage workers splitting the rent would need to work over 79 hours per week to afford a typical 0-2 bedroom rental.
To address these affordability issues, some cities are considering policy changes to legalize and promote single-room occupancies (SROs) or adult dorms. These housing models provide private micro-apartments with shared amenities, offering a more affordable alternative to traditional housing. By repurposing existing structures, such as vacant office buildings, into SROs, cities can increase housing availability while keeping costs low.
In conclusion, the U.S. students and workers non-residential accommodation market is poised for substantial growth, driven by innovative housing solutions and a focus on affordability. While challenges persist, particularly concerning economic fluctuations and regulatory hurdles, the integration of technology and sustainable practices offers promising avenues for market expansion. Stakeholders must continue to adapt to changing demographics and economic conditions to meet the evolving needs of students and workers seeking non-residential accommodations.
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Marriott International
Hilton Worldwide
AccorHotels
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Students And Workers Non-residential Accommodation Market
Age Groups
Gender
Educational Background
Lifestyle
Values and Beliefs
Social Activities
Usage Rate
Buying Motives
Brand Loyalty
Urban vs. Rural Settings
Proximity to Institutions
Transport Accessibility
Income Level
Employment Status
Spending Habits
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Students And Workers Non-residential Accommodation Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Students And Workers Non-residential Accommodation Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Students And Workers Non-residential Accommodation Market, By Type
6. Global Students And Workers Non-residential Accommodation Market, By Application
7. Global Students And Workers Non-residential Accommodation Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Students And Workers Non-residential Accommodation Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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