Apartments purchased for rent in the largest academic centers have for years been considered one of the most crisis-resistant forms of investing in real estate. A stable influx of students, a limited number of places in dormitories and a strong labor market meant that investors treated such premises almost as a safe capital investment. In 2026, this model still works, but the market has become much more demanding. Today, it is no longer enough to buy an apartment “close to the university” to be guaranteed high occupancy and an attractive rate of return. The quality of the location, maintenance costs, functionality of the apartment and the ability of the investment to respond to the needs of various groups of tenants are becoming more important. Experts emphasize that investors today make completely different mistakes than a few years ago – primarily, they focus too much on the purchase price, ignoring the realities of the changing rental market.
According to BIK data, in April 2026, the value of inquiries about housing loans increased by 29.8%. year to year, and the number of people applying for financing was higher by 18.7%. The average value of the loan requested has already exceeded PLN 500,000. zloty. This shows that Poles are still actively buying apartments, but at the same time they analyze the investment potential of real estate much more carefully.
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Academic cities continue to guarantee stable rental demand
The market fundamentals remain strong. According to data from the Central Statistical Office and the POL-on system There are currently over 1.28 million students studying in Poland, and the share of foreign students already exceeds 8%. all students. At the same time, the student accommodation base remains far from sufficient – public student dormitories offer approx. 115,000 placeswhich covers only a small part of the real demand.
In practice, this means that the vast majority of students still have to use private rental market. The largest academic cities – Warsaw, Kraków, Wrocław, Poznań and Gdańsk – additionally benefit from a combination of several factors: a developed labor market, good communication and a wide range of services. Thanks to this, apartments can be rented not only to students, but also to young specialists, graduates staying in the city or people relocating professionally.
— Apartments in academic cities still remain a segment relatively resistant to market fluctuations, but today the quality of the investment itself is much more important. Tenants are more demanding than a few years ago and compare much more carefully location, functionality of the apartment, standard and costs of everyday living – says Zuzanna Dobrzeta, commercial director of the Nowy Cegielski investment.
Similar conclusions also come from CBRE's analyses. Agnieszka Mikulska, the company's housing market expert, points out that student demand remains very stable. As he emphasizes, every year nearly half a million first-year students have to decide where they will live during their studies. According to data from the Polish Bank Association about 37 percent all students rent apartments on the free market, which translates into nearly 470,000 tenants nationwide.
The expert also notes that student housing is still unable to capture a significant share of this market. Only about 9 percent use public student dormitories. students, and private dormitories and the co-living sector account for another only 2.5%.
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Proximity to the university is no longer the most important thing
Just a few years ago, many investors operated according to a simple formula: an apartment near a university means a secure rental. Today, the market operates much more selectively. Tenants analyze not only the distance to the campus, but also… all the comfort of everyday life.
Currently, the following are of key importance:
- access to public transport,
- travel time to the center,
- proximity to shops and services,
- availability of green areas,
- ability to function without a car,
- apartment maintenance costs.
It also plays an increasingly important role location flexibility. Investments carried out in the districts they connect are doing well residential, business and service functions. It is such places that allow us to maintain stable demand even outside the academic season.
— In 2026, the mere presence of a university no longer guarantees the success of the investment. The best defense is apartments that are well integrated into the city's structure — with access to transport, services and the labor market. It is such locations that maintain stable demand even outside the academic season, emphasizes Zuzanna Dobrzeta.
Market experts also note a change in the expectations of tenants themselves. Until recently, the main criterion was rent. Today the total cost of living is increasingly important. Students and young workers carefully analyze the amount of administrative fees, energy costs, transport expenses and the time needed to move around the city every day.
This is particularly important in the context of rising housing costs. According to Eurostat data, electricity prices for households in Poland are currently among the highest in the European Union in relation to the purchasing power of residents.
In practice, this means that an apartment that is cheaper to buy, but is poorly located or more expensive to operate, may generate a greater risk of vacancy and pressure to reduce the rent.
Read: Housing prices in large cities are stable. Buyers choose ready-made premises
The profitability of academic housing is still attractive, but investors are making new mistakes
The market is still profitable, however it rewards quality much more strongly. Today, the success of an investment is no longer determined solely by the entry price. The functionality of the premises, the standard of common areas, predictability of costs and the possibility of flexible rental are becoming more and more important.
Apartments that meet the needs of several groups of tenants at the same time perform best — students, young workers or people relocating professionally. Today, multifunctionality is becoming one of the key investment safeguards.
— Today, the safest investment options are apartments that do not depend on one group of tenants. The premises should be attractive to both students and young workers. That's what it is flexibility allows you to maintain a stable lease in the long term – says Zuzanna Dzień.
However, Agnieszka Mikulska from CBRE points out that The situation of investors is clearly more difficult today than a few years ago. Higher apartment prices, more expensive financing and rising rental costs raise the entry threshold for investment and reduce the profitability of some projects.
As the expert emphasizes, If an investor wants to target students with an offer, smaller apartments are best, well connected to universities and the city center, with rent adjusted to the tenants' financial capabilities..
At the same time, the market increasingly rewards thoughtful investors long term. Data from the Central Statistical Office show that in the first quarter of 2026, the number of housing construction starts decreased by 11.4%. year to year, despite the increase in the number of building permits issued. This is a signal that developers and investors are much more cautious about new projects today and are increasingly focusing on locations with real demand potential.
They are also becoming more and more important investments carried out in stages, creating complete parts of the city — with services, common spaces and developed communication. From the rental market point of view, this translates into greater stability and more predictable demand.
Apartments in college towns can still make money, but the market has matured
Apartments in the largest academic cities still remain one of the most stable segments of the real estate market in Poland. Growing numbers of international students, limited dorm space and strong local labor markets continue to support rental demand.
However, the market has clearly changed. The purchase of an apartment “near the university” is becoming less and less important.and increasingly the quality of location, design standard and comfort of everyday functioning of tenants.
For investors, this means one thing: casual purchases based solely on a low entry price are increasingly losing out with well-thought-out investments in quality locations. The academic housing market is still profitable, but today it rewards professional approach and long-term thinking much more than before.
