Highlights:

• Over the past decade, GSA has provided a home for close to 30,000 students across Dublin and Cork, freeing up over 2,000 residential rental homes for the local community each year.
• New market report highlights a projected national shortfall of 68,000 beds by 2035 without urgent action and collaboration between student housing providers and the government.
• Regulatory uncertainty and lack of transparency has damaged international investor confidence, stymied investment, and halted the delivery of much-needed housing for students.

Global Student Accommodation (GSA), the global leader in student accommodation, today published a report on the state of the Irish PBSA sector to coincide with its ten-year anniversary in Ireland. The report highlights both the company’s achievements since entering the market in 2015, and the urgent challenges facing the future delivery of student housing ahead of a new academic year.

Since 2015, GSA has invested close to €1billion in Ireland, developing 4,000 high-quality student beds across Dublin and Cork. GSA is now the largest owner of PBSA in the country, and the fourth-largest residential landlord nationally. Average occupancy rates across the portfolio have remained consistently above 98%, reflecting the sustained and unmet demand for dedicated student accommodation.

GSA’s properties, managed by their global operating partner Yugo, are designed to be vibrant, sustainable, and supportive spaces where students can live, learn and work. Over the past decade, they have provided a safe and secure home for 30,000 students, and freed-up 2,000 homes each year for the local community to live in.

The total number of students in Ireland now exceeds 260,000, including more than 40,000 international students. Over the past five years there has been a 25% increase in students, while the number of international students has increased by 50% in the last three years. This growth has resulted in a national shortfall of student beds, estimated to be between 25,000 and 30,000. The Irish Higher Education Authority project that this could rise to 68,000 by 2035 without significant intervention. By the government’s own calculations, an investment of c.€14billion is needed to deliver these beds.

Despite this demand, fewer than 1,300 PBSA beds are currently under construction from a pipeline of over 11,000 units with planning consent.

GSA’s research identifies the key factors constraining delivery as:

• The application of the 2% rent cap that is killing viability and investment appetite.
• Lack of clarity on regulatory changes, including the expectation that PBSA will be treated differently to the HMO sector in future Rent Pressure Zone (RPZ) legislation.
• Planning and zoning restrictions.

The combination of these factors has led GSA to defer over €500 million of planned investment in Ireland, further widening the supply gap. In contrast, the business has chosen to invest in Europe’s other leading educational cities, most recently in Milan and Paris.

GSA’s call for collaborative action

John Jacobs, Global Head of Capital Markets at GSA, said:

"As students return to university this autumn, thousands will continue to face significant challenges securing appropriate accommodation. GSA has invested c. €1bn and delivered 4,000 beds in Ireland, and we stand ready to deliver more. But regulatory clarity and structured engagement with the sector are essential to unlocking further investment and accelerating delivery."

Aaron Bailey, Head of Real Estate Projects at GSA, said:

"Our communities in Ireland are purpose-built to enhance the student experience, providing high-quality living environments that support wellbeing and academic success. In other global markets, we have delivered these outcomes through constructive partnerships with government and higher education institutions. We can do the same in Ireland if the policy environment enables delivery at scale."

Recommendations

In its report, GSA outlines three priority actions to address the student accommodation crisis:

1. Structured public–private engagement to harness the expertise and capacity of established PBSA operators.
2. Immediate regulatory clarity around rental caps and on the treatment of PBSA under RPZ measures.
3. A national PBSA delivery strategy integrated into Ireland’s wider housing and higher education objectives.

With greater collaboration between the sector and Government, Ireland can unlock the full potential of PBSA, ensuring that students, parents, universities, and investors all benefit from a thriving, sustainable student accommodation sector.