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Market Intelligence Report | January 2026

FINLAND STUDENT HOUSING MARKET

Mature, non-profit foundation-dominated market with limited commercial PBSA. SOA network controls 94% of supply, creating unique market dynamics for operators.

€249MTotal Market Value
55KTotal Beds
295KHE Students
18.6%PBSA Penetration

Supply Landscape & Foundation Model

Non-profit foundations dominate (94%) — HOAS alone controls 35% of national beds with below-market rents

CityStudentsCurrent BedsBed GapStudents/BedPriority
Helsinki Metro95,00022,00004.3🟢 BALANCED
Tampere31,0007,50004.1🟢 BALANCED
Turku32,0006,0001,8005.3🟡 MODERATE
Oulu28,0005,5001,4005.1🟡 MODERATE
Jyväskylä24,0004,5001,1005.3🟡 MODERATE
Other Regional85,0009,5004,8508.9🔴 HIGH
High: >3K bed gap Moderate: 1-3K bed gap Balanced: <1K bed gap

Top Operators by Bed Count

Non-profit foundations control 94% — HOAS leads with 34.5%

HOAS
19,000 (34.5%)
TOAS
7,500 (13.6%)
TYS
6,000 (10.9%)
PSOAS
5,500 (10.0%)
KOAS
4,500 (8.2%)
Other Fndtns
6,400 (11.6%)
Market Structure: SOA Foundations = 94% | Private/Commercial = 6%
Private operators: Unihome, Flatta, Devenir — premium/flexible segment only

Market Structure

Foundation-dominated with limited commercial opportunity

€249MRevenue
Foundation Sector: €213M (86%)
Private/Commercial: €35M (14%)
Pipeline: 4,500 beds (mostly foundation)

Supply by City: Foundation vs Private Split

Helsinki has only significant private sector presence — regional markets entirely foundation-controlled

Helsinki Metro
19K Foundation + 3K Private
Tampere
7.5K (100% Foundation)
Turku
6K (100% Foundation)
Oulu
5.5K (100% Foundation)
Jyväskylä
4.5K (100% Foundation)
Other
9.5K (100% Foundation)
Non-Profit Foundations Private/Commercial

Demand Analysis & International Students

28K international students (9.5% of total) — diverse source markets with China, Nigeria, Bangladesh leading

295KTotal StudentsStatistics Finland 2024
28,000Intl Students9.5% of total
5.4Students per Bedvs UK 1.9
€750MTAM Potential30% penetration target

Top Universities by Enrollment

University of Helsinki leads with 31,465 students; Aalto highest intl concentration (17%)

Helsinki
31,465 (13% intl)
Tampere
21,000 (12% intl)
Aalto
20,600 (17% intl)
Turku
18,500 (11% intl)
Metropolia UAS
16,500 (13% intl)
Oulu
16,000 (11% intl)
13%+ International <13% International

International Student Source Countries

Diverse source markets — China leads but no dominant single source

China
2,800 (10.0%)
Nigeria
2,500 (8.9%)
Bangladesh
2,200 (7.9%)
Pakistan
2,000 (7.1%)
Nepal
1,800 (6.4%)
India
1,500 (5.4%)

🏛️ The Finnish Foundation Model: Unique Market Structure

Foundation vs Private Comparison

Foundations offer 27% lower rents — competitive barrier for commercial operators

🏛️ SOA Foundations
✓ Below-market rents (€380/mo avg)
✓ Long waitlists (high demand)
✓ Non-profit structure
✓ 93-96% occupancy
🏢 Private Operators
• Premium rents (€520/mo avg)
• Flexible terms
• Furnished/all-inclusive
• Targeting intl students

International Student Economic Contribution

€714M annual contribution to Finnish economy

€714MTotal
Living Expenses: €238M (33%)
Tuition Fees: €216M (30%)
Accommodation: €140M (20%)
Other: €120M (17%)

💰 Student Cost of Living Analysis

Monthly Living Costs: Foundation vs Private

Foundation housing students save €480/month on average

FOUNDATION OPTION

Foundation Housing€300-550
Food (Uni cafeteria €2.95)€200-400
Transport + Other€150-460
Total Monthly€650-1,410

PRIVATE OPTION

Private/Co-living€500-800
Food & Groceries€200-400
Transport + Other€400-960
Total Monthly€1,100-2,160

Note: EU/EEA students pay NO tuition; Non-EU pay €8,000-20,000/year from Aug 2026

Penetration Rate Comparison

Finland's 18.6% vs UK's 54% — mature but room for growth

UK (Benchmark)
54%
Canberra (Aus)
25.6%
Finland Avg
18.6%
Latvia
12%
Armenia
5.3%

Investment & Financial Analysis

€268M development activity 2023-2026 — dominated by non-profit foundation expansion

€268MInvestment Activity2023-2026
€405Avg Monthly RentRange: €300-800
94%Avg OccupancyWaitlists common
3,900Pipeline Beds2023-2026

Major Developments 2023-2026

HOAS leads with €150M investment — Private operators entering premium segment

HOAS Expansion
€150M (1,500 beds)
TOAS Hervanta
€35M (500 beds)
TYS Phase 3
€28M (400 beds)
PSOAS Oulu
€22M (300 beds)
Unihome
€20M (200 beds)
Devenir
€8M (200 beds)

Revenue by City Market

Helsinki Metro dominates with 44% of total revenue

€249MRevenue
Helsinki Metro: €110M (44%)
Tampere: €32M (13%)
Turku: €25M (10%)
Other: €82M (33%)

Investment Thesis: Finland Student Housing

Stable, mature market with high barriers to entry. Non-profit foundation dominance limits commercial opportunity, but premium/flexible segment growing for international students seeking furnished, all-inclusive options.

€750MTAM Potential
9,150Bed Gap
94%Occupancy
28KIntl Students

Strategic Opportunities & Risk Assessment

Premium segment opportunity for private operators targeting international students

🟢 GREEN FLAGS
  • Stable, wealthy economy with strong rule of law
  • Growing international student population
  • High occupancy (93-96%) with waitlists
  • Premium segment underserved (Flatta, Unihome)
  • Non-EU tuition from Aug 2026 → more value-conscious intl students
🟡 WATCH LIST
  • Foundation dominance creates price ceiling
  • Limited commercial PBSA track record
  • High construction costs (€3,500-4,500/sqm)
  • Long planning approval timelines
  • Seasonal demand (academic year focused)
🔴 RED FLAGS
  • Non-profit competition with below-market rents
  • Small total addressable market for commercial
  • High operating costs (labor, energy)
  • Limited scalability outside Helsinki
  • EU/EEA students pay no tuition (price sensitivity)

📱 How Gen Z Students Discover Housing in 2026

International students increasingly rely on AI assistants for accommodation research before arriving in Finland

🔍 Traditional SEO
Optimizing for Google rankings
Declining relevance as Gen Z uses AI
🚀 GEO Strategy
Optimizing for AI citation
First-mover advantage available
📊 RAYSolute offers GEO optimization for student housing operators
raysolute.com/geo-for-education