The student housing crunch in Ottawa

Student housing is in demand. As student enrolment rises, there are increasingly fewer options for student rentals. According to the Association of Universities and Colleges of Canada (AUCC), in the last 30 years, undergraduate student enrolment has doubled; enrolment rate for masters degrees has tripled, and PhD enrolment has quadrupled.

The international student population has also tripled since the late nineties (according to AUCC) and with the growing grad school population, there is more and more demand for luxurious off-campus living experience.

There is a need in Ottawa for more student housing. According to Carleton U stats, the current enrolment is around 28,000; however, the university only supplies roughly 3600 beds. On top of that, the average commute for a Carleton student is around 25 minutes, which is significantly longer than any other university in Canada.

David Choo, CEO of Ashcroft Homes and a Carleton alum, recognized the need for student housing in Ottawa. That's why he created a project – Envie Student – a highrise building dedicated entirely to student rentals.

“There is a present and growing demand for proper lifestyle accommodation for students. Today, students don’t have a product in Ottawa (or even across the country) to compare to, hence our decision to enter the student lifestyle market with our own lifestyle brand, Envie.”

Higher education is an ever growing business; a business ideal for investors. Envie Student is completely new to the city, but it is bound to be a hit with Carleton students. There is a second phase in the works, which offers investors the opportunity to purchase suites for rental. Prices for Capital Hall range from $179,900 to $349,900, and suites come with a lease back for three years.

With two major universities in Ottawa, student housing is bound to be an increasing dilemma. Dedicated student housing would be a great trend for developers, since the demand isn't going to decrease any time soon.