September puts student housing back in the spotlight. Students return to campus, rents are renegotiated and once again the structural shortage of quality student accommodation becomes visible across Belgium.
For investors, however, the interesting question isn’t whether student housing is in demand. That’s well established.
The question is where there is still room to create value. A recent Avenue transaction in Schaerbeek provides an interesting example.
Avenue advised Inclusio on the sale of a residential building comprising 20 student studios and several communal spaces. The property was acquired by a private investor for €2.5 million excluding costs.
But the investment case goes beyond buying 20 occupied student rooms. The new owner is acquiring an existing income producing asset in an established student location, with a clear opportunity to improve the product over time.
Location before everything else
The building is located next to the Brussels campus of LUCA School of Arts in Schaerbeek.
For student housing, proximity to the actual source of demand is fundamental. Students aren’t simply looking for somewhere to live in Brussels. They are looking for accommodation that makes their daily life easier.
Being located immediately next to a higher education campus gives the asset a structural advantage that cannot easily be replicated. That was an important part of the investor’s conviction.
The building itself is relatively recent and already has a clear residential function. It comprises 20 student studios alongside an eating area, reading room, lounge and laundry room.
Inclusio acquired the property in 2018. Today, the studios are rented through the Sociaal Verhuurkantoor voor Studenten, or SVKS.
For the buyer, however, the existing situation is only one part of the investment case.
Buying today’s income and tomorrow’s potential
The new owner intends to hold the property and gradually upgrade it into attractive student accommodation. That creates two layers to the investment.
There is an existing building with 20 units in a proven student location. But there is also an opportunity to improve the quality and positioning of those units over time.
That distinction matters. When demand already exceeds supply, value creation doesn’t necessarily require developing additional square metres. Sometimes it comes from improving the quality of the existing stock.
For a long term investor, that creates an interesting proposition: acquire an operational asset today while retaining the possibility to improve its positioning tomorrow.
Student rents continue to move
The broader market provides an interesting backdrop. According to the Kotkompas figures provided for this case, the average bare rent for Belgian student accommodation reached €485 per month in the 2025 to 2026 academic year, compared with €475 a year earlier. That’s an increase of approximately 2%.
Regional differences are substantial. Average bare rents reached €515 in Flanders and €570 in Brussels, compared with €425 in Wallonia. For studios specifically, the averages rise to €605 in Flanders and €645 in Brussels.
Across Belgium, the average student pays €485 in bare rent and another €105 in costs, bringing the average total cost to €590 per month. For investors, those figures are relevant. But rental growth alone shouldn’t drive an acquisition.
The more fundamental question is whether an asset is positioned to capture that demand sustainably.
Why investors keep looking at student housing
Student housing occupies an interesting position within residential real estate.
Demand is supported by a structural need for accommodation in university cities, while student housing can offer higher returns than traditional residential assets.
That combination attracts different types of capital.
Institutional funds are interested in the ability to deploy capital at scale. Private investors and family offices can be attracted by the same fundamentals when an opportunity offers sufficient volume.
This transaction sits precisely in that space. At €2.5 million, the buyer isn’t acquiring an individual student studio as an alternative to a traditional apartment.
They’re acquiring 20 units in one move.
One building.
One location.
One operational structure.
And one strategy for improving the asset over time.
Scarcity isn’t enough
The shortage of student accommodation makes the sector attractive, but scarcity on its own doesn’t turn every student property into a good investment.
Location still matters.
The quality and age of the building matter.
The configuration of the units matters.
The ability to operate them efficiently matters.
And increasingly, the potential to improve the existing product matters.
That is where this Schaerbeek asset stood out.
The investor acquired meaningful volume in a relatively recent building directly adjacent to a student campus, with an existing rental situation and a clear opportunity to reposition the accommodation over time.
The €2.5 million price tag tells only part of the story.
The real investment decision was about what those 20 units can deliver over the years ahead.
€3 million treated like €30 million
At Avenue Residential, we apply the same investment logic whether we’re advising on a €3 million acquisition or a €30 million portfolio.
The question isn’t simply what is available.
It’s what fits the investor’s strategy.
For this private investor, that meant student housing with sufficient scale, an exceptionally relevant location and room for future value creation.
In a market where quality student accommodation remains scarce, finding those opportunities requires more than following what’s publicly for sale.
It requires access to the right assets and the ability to recognise their potential.
Looking for your next residential investment?
Student housing can offer compelling opportunities for private wealth, family offices and institutional capital, but the strongest investment cases combine more than scarcity and yield.
Looking to deploy €1 million to €6 million into residential real estate? Talk to Avenue Residential via karel@avenue.eu about the opportunities that fit your investment strategy.