Marlet Property Group’s The Residence student accommodation development in Stoneybatter, Dublin, will be ready for the 2024-2025 academic year, the company has confirmed, with 193 student beds available.

The project is Marlet’s first venture into student housing, and the scheme includes all-inclusive bills, high-speed WiFi, 24/7 security with controlled access, a gym, a common area, an outdoor garden and a games area, the company said.

“Our recent milestone of removing the scaffolding and dismantling the final crane allows us to proudly present The Residence, Stoneybatter in its full glory,” Marlet Property CEO Pat Crean said in a statement. “We are committed to providing students with a high-quality, sustainable living environment that supports their academic and personal growth.”

The announcement of new student accommodation provision from Marlet came as adviser JLL warned that in Ireland the shortage of available student beds throughout the academic year is likely to intensify as the decade progresses.

The issue is across Europe, with JLL’s European PBSA: Investing in the Future report asserting that some 40% of unmet European accommodation demand, or 1.2 million beds, is concentrated in the top 40 student cities, with JLL ranking Dublin 15th among investment hot spots.

In the UK, which is facing its own challenges over foreign student visa restrictions, London (first), Manchester (fourth), Glasgow (fifth), Nottingham (11th) and Bristol (12th) were also among the top 20 European investment markets.

“Currently, Ireland boasts approximately 40,000 student beds registered with the Rental Tenancy Board, yet our latest research indicates an unmet demand of a further 40,000 beds,” JLL Ireland Head of Research Niall Gargan said in a statement. “This looming demand-supply gap will become more pronounced as the population within the 20-24-year-old age bracket is expected to surge by over 26% by 2030.”

Gargan said the pipeline for beds in Ireland is dwindling, with only about 2,000 beds under construction across Ireland.

“There is a compelling need to provide incentives that inspire forward investments in the sector to boost supply in line with future demand. Amplifying supply will not only cater to the growing needs of student accommodation but also help ease the pressure on the broader rental market,” he added.