Rise in study-abroad numbers fuels student housing boom
Amber, University Living and UniAcco that help students find accommodation near campuses across the world, are targeting 2-3x annual growth in business on soaring demand not just from Indian students going abroad but other international students as well. Companies in this space told ET that while initially they only had Indian study-abroad students, now 70-80% of their base comprises students from international markets, looking for the convenience and support these platforms offer. “The student mobility industry has seen a remarkable recovery since the pandemic, with lots of students going abroad every year,” said Saurabh Arora, CEO of University Living, a global student-housing managed marketplace.
“We are growing at a CAGR of 130% and housed more than 10,000 students last quarter,” he said. “We can accommodate up to 100,000 bookings in the next 18 months.” The opportunity is huge. Saurabh Goel, CEO of global student housing platform Amber, estimates there are over eight million international students around the world, not counting the huge number of students who study in their home country but in a city/state away from home.
From India alone, a six-year high of 770,000 students headed abroad in 2022, according to education ministry data. Indian students account for only one-fifth of Amber’s base; the balance 80% comes from students across 50 countries including Indonesia, Malaysia, Thailand, Vietnam, Saudi Arabia, and Nigeria, Goel said. As much as 50% of its base is foreigners studying in their home country, but away from home.
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