University: Room Prices for Out-of-Resident Students Continue to Rise, Driven by Ever-Strong Demand
The price hike in Italy continues, with significant increases in almost all major university cities. Nationwide, the cost of single rooms has increased by 7% compared to a year ago.
This increase is mainly due to a strong increase in demand, which grew by 27% in 2023, fueled by out-of-town students and, to some extent, some workers, who are looking for accommodation for the new academic year.
These are some of the data that emerged from the latest report by Immobiliare.it Insights, the division of the Immobiliare.it group specializing in big data and market intelligence for the real estate sector.
The report analyzed price and demand trends in the Italian hotel market.
"The constantly growing demand data," says Antonio Intini, Chief Business Development Officer of Immobiliare.it, "confirm that the rooms market remains very profitable for owners.
This is the origin of the upward trend in prices, which has continued for several years, especially in the most sought-after cities, where real estate values are rising in all sectors, not just in terms of bed space."
Milan remains the most expensive city in Italy for both purchasing and renting homes, and it also holds the top spot for room rentals: a single room costs an average of €637 per month, a 4% increase over the previous year.
However, the very high cost is discouraging demand, which in the Lombardy capital has dropped by 1% over the last 12 months, making it one of the few centers in Italy, along with Padua, Novara, and Ancona, to show a decrease in interest.
In Rome, however, demand is growing strongly (+62%), despite rents having increased by 9% in a year, exceeding 500 euros per month (503 euros). In the most expensive neighborhoods of the two cities, in Milan, the Garibaldi-Moscova-Porta Nuova area is the most expensive, with an average request of 747 euros per month for a single room, followed by Porta Romana-Cadore-Montenero (722 euros) and Centrale-Repubblica (720 euros).
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In Rome, the most expensive area is Parioli-Flaminio with 647 euros per month, followed by Testaccio-Trastevere (614 euros) and Salario-Trieste (603 euros), the only neighborhoods in the capital where costs exceed 600 euros per month.
Among cities with a strong university tradition, Bologna ranks second for the cost of single rooms, with an average price of 506 euros per month, up 5% from the previous year, while interest grew by 7%.
In Venice, prices have risen by 10%, with an average of 417 euros per month for a single room, and demand has exploded, increasing by 53%.
Padua exhibits a trend opposite to the rest of the country: demand here has decreased by 32% over the past year, while prices have risen by 14%, exceeding €440 per month. Some areas have seen exponential growth in interest, with triple-digit increases.
The most striking cases are in Bari and Naples, where demand increased by 207% and 185% respectively. Pavia and Brescia also show significant growth, with increases of 180% and 160%. Growth above 100% was also recorded in Foggia (+124%) and Ferrara (+116%).
"The boom in searches," Intini continues, "which concerns the more affordable cities of the South and those near major centers like Milan, demonstrates how demand is shifting toward more cost-effective areas.
Many students, no longer able to afford the costs of more expensive cities, opt for high-quality universities closer to their hometowns or for alternatives to traditional destinations like Bologna, Milan, and Rome.
After Milan, Bologna and Rome, Florence is in fourth place with an average of 493 euros per month for a single room. Followed by Bergamo (448 euros) and Padua (442 euros). Venice is seventh with 417 euros. Closing out the top 10 are Turin (409 euros), Verona (407 euros) and Naples (405 euros).
As for beds in double rooms, the situation is slightly different. Milan maintains the lead with 353 euros per month, followed by Rome with 283 euros. Naples is third with 271 euros, followed by Bologna (264 euros). Siena (258 euros), Brescia (252 euros), Florence (245 euros), Bergamo (244 euros), Padua (237 euros) and Turin (228 euros) close the ranking.
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