The rental market for mobile students is one of the great challenges of recent years. The scarcity of housing supply makes it increasingly difficult for students to move to another city to pursue their studies. he objective of this thesis is to investigate the market for university residences, assessing the possible profitability of this asset class for non-institutional investors. To pursue this end, a quantitative methodology was adopted to collect data, mainly derived from reports of real estate companies or from articles in journals specializing in the field of real estate, data that were then processed to describe the Student Housing market in the metropolitan city of Milan. In a first step, an analysis was made of the projects that have already been under construction and those planned by 2026, so as to have a forecast of the increase in the supply of beds. The market for university residences in Milan was compared with the performance of the same market in the main European and Italian "universities" cities. The National Recovery and Resilience Plan (NRRP) allocated significant funds for the construction of new university residences. To increase supply, Italy has provided tax incentives for private investment in this sector. In order to assess the profitability of a private investment in facilities of this type, the new Aparto Milan Ripamonti student house on Ripamonti Street was chosen as a case study. Through mass modeling of the structure, the characteristics and volumes of the different functions in the building were analyzed. After collecting all the necessary data, a cash flow was developed and the most significant profitability ratios of the project were calculated. The thesis revealed a significant shortage of beds in Italy and particularly in the city of Milan. Supply covers only about 8 percent of demand, in contrast to the European average of 20 percent. The Lombard capital, which is home to about 80,000 mobile students, currently offers an availability of only 11,800 beds. The analysis conducted showed that good rates of profitability in the Student Housing market have driven, and are likely to drive, several operators to invest in this asset class. It is expected that by 2026, thanks also to the resources put in place by the PNRR, an additional 10,600 beds will be built in the city of Milan, thus aligning the coverage rate of the city of Milan with that of other major European university cities.
Il mercato delle locazioni per studenti fuorisede è una delle grandi sfide degli ultimi anni. La scarsità dell’offerta di alloggi rende sempre più difficile per gli studenti il trasferimento in un’altra città per proseguire i propri studi. L’obiettivo della tesi è quello di indagare il mercato delle residenze universitarie, valutando l’eventuale redditività di questa asset class per gli investitori non istituzionali. Per perseguire questo fine è stata adottata una metodologia quantitativa per la raccolta di dati, prevalentemente derivanti da report di società immobiliari o da articoli di riviste specializzate nel campo del Real Estate, dati che poi sono stati elaborati per descrivere il mercato degli Student Housing nella città metropolitana di Milano. In una prima fase si è proceduto ad un’analisi dei progetti già cantierati e di quelli previsti entro il 2026, in modo da avere una previsione dell’incremento dell’offerta di posti letto. Il mercato delle residenze universitarie di Milano è stato messo a confronto con l’andamento del medesimo mercato nelle principali città “universitarie” europee ed italiane. Il Piano Nazionale di Ripresa e Resilienza (PNRR) ha destinato fondi rilevanti per la costruzione di nuove residenze universitarie. Per aumentare l’offerta, l’Italia ha previsto incentivi fiscali per gli investimenti privati in questo comparto. Per valutare la redditività di un investimento privato in strutture di questo tipo, si è scelto come caso studio il nuovo studentato di via Ripamonti, l’Aparto Milan Ripamonti. Tramite una modellazione per masse della struttura sono state analizzate le caratteristiche e le volumetrie delle diverse funzioni presenti nell’edificio. Dopo aver raccolto tutti i dati necessari, è stato elaborato un cash flow e calcolati gli indici più significativi di redditività del progetto. La tesi ha evidenziato una significativa carenza di posti letto in Italia e in particolare nella città di Milano. L’offerta copre solo l’8% circa della domanda, a differenza della media europea che si attesta sul 20%. Il capoluogo lombardo, che ospita circa 80.000 studenti fuorisede, a oggi offre una disponibilità di soli 11.800 posti letto. L’analisi svolta ha evidenziato che buoni tassi di redditività del mercato degli Student Housing hanno spinto, e verosimilmente spingeranno, diversi operatori a investire in questa asset class. Si prevede che entro il 2026, grazie anche alle risorse messe in campo dal PNRR, saranno realizzati nella città di Milano altri 10.600 posti letto, allineando così il tasso di copertura della città di Milano a quello delle altre grandi città universitarie europee.
Il mercato degli Student Housing: valutazione di un investimento nella città di Milano
LAPICCIRELLA, MARCO
2022/2023
Abstract
The rental market for mobile students is one of the great challenges of recent years. The scarcity of housing supply makes it increasingly difficult for students to move to another city to pursue their studies. he objective of this thesis is to investigate the market for university residences, assessing the possible profitability of this asset class for non-institutional investors. To pursue this end, a quantitative methodology was adopted to collect data, mainly derived from reports of real estate companies or from articles in journals specializing in the field of real estate, data that were then processed to describe the Student Housing market in the metropolitan city of Milan. In a first step, an analysis was made of the projects that have already been under construction and those planned by 2026, so as to have a forecast of the increase in the supply of beds. The market for university residences in Milan was compared with the performance of the same market in the main European and Italian "universities" cities. The National Recovery and Resilience Plan (NRRP) allocated significant funds for the construction of new university residences. To increase supply, Italy has provided tax incentives for private investment in this sector. In order to assess the profitability of a private investment in facilities of this type, the new Aparto Milan Ripamonti student house on Ripamonti Street was chosen as a case study. Through mass modeling of the structure, the characteristics and volumes of the different functions in the building were analyzed. After collecting all the necessary data, a cash flow was developed and the most significant profitability ratios of the project were calculated. The thesis revealed a significant shortage of beds in Italy and particularly in the city of Milan. Supply covers only about 8 percent of demand, in contrast to the European average of 20 percent. The Lombard capital, which is home to about 80,000 mobile students, currently offers an availability of only 11,800 beds. The analysis conducted showed that good rates of profitability in the Student Housing market have driven, and are likely to drive, several operators to invest in this asset class. It is expected that by 2026, thanks also to the resources put in place by the PNRR, an additional 10,600 beds will be built in the city of Milan, thus aligning the coverage rate of the city of Milan with that of other major European university cities.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/218571