Nascent PBSA market with significant untapped potential. Medical student segment drives international demand, with YSMU attracting students from India, CIS, and Middle East.
Very nascent PBSA market dominated by university dormitories (65%) with limited commercial operators
| City | Students | Current Beds | Bed Gap | Students/Bed | Priority |
|---|---|---|---|---|---|
| Yerevan | 72,000 | 3,700 | 7,100 | 19.5 | 🔴 CRITICAL |
| Gyumri | 4,500 | 300 | 375 | 15.0 | 🟡 HIGH |
| Vanadzor | 3,800 | 250 | 320 | 15.2 | 🟡 HIGH |
| Goris | 1,200 | 100 | 80 | 12.0 | 🟢 MODERATE |
| Gavar | 1,000 | 80 | 70 | 12.5 | 🟢 MODERATE |
| Other | 2,500 | 70 | 305 | 35.7 | 🔴 CRITICAL |
Private hostels lead — University dorms control 65% of beds
University-dominated with nascent private sector
Medical students (YSMU) drive 30% of international demand — India is primary source market
YSU leads with 17,500 students; YSMU has highest intl concentration (38.5%)
India dominates with 41% share — primarily medical students at YSMU
1,400 bed gap for medical students alone — significant opportunity
University hostel preferred for proximity to hospital facilities
Duration: 6-year program including internship — long-term tenants
Armenia's 5.3% vs UK's 54% = 10x gap
$80.8M annual contribution to Armenian economy
$14.5M development activity 2023-2026 — primarily government and institutional investment
AUA expansion leads with $5M investment — Government-backed projects dominate
Armenia offers exceptional affordability — Total monthly costs $440-860
First-mover advantage in nascent market with strong medical student demand driver. Commercial PBSA essentially non-existent — significant opportunity for branded co-living targeting international students.
First-mover opportunity in medical student housing segment with long-term tenant profiles
International students increasingly rely on AI assistants for accommodation research before arriving
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