Students and the City Temporary Population and Real Estate Market in Globalizing Milan

Higher education institutions have become a globalized sector in specific locations, serving as significant sources of economic and knowledge enrichment for cities through the student population they attract. These institutions have evolved into dynamic resources facilitated by the influx of students, thereby establishing an international exchange of knowledge and skills. Due to the possibility of top-ranked education that comes with better career opportunities and networking, students pursue education abroad, particularly in global cities, through their mobility across international boundaries. Moreover, they play a critical role in the future development of global cities and the competition among them by serving as a readily available pool of innovative and young professionals, the contemporary creative class, poised to make significant contributions to the economies of these urban centers. Besides potential economic benefits, as a notable part of the temporary population in the city, students already bring an ongoing demand for rental housing and influence the city’s real estate market. Through their mere presence, they attract investors in specific zones and initiate processes like urban development, studentification, youthification, or displacement driven by the influence of the niche sector of student housing, purpose-built student accommodation, that encourages transformations in urban areas. Building upon this concept, the study aims to investigate the motivations and impacts of students on the real estate market in Milan. Milan has been following a long-term path towards becoming a global city by developing urban areas, conducting regeneration competitions, implementing gentrification projects in specific zones, investing in universities in metropolitan areas, and increasing international student enrollment numbers. The local government and the state support the private and public collaborative projects of the higher education institutions’ development and accommodations. This situation creates a novelty, a direct link between students as the temporary population accommodated in the city and the real estate market with its limited existing stock. The research aimed to investigate the gap between the student demand and the current stock in the real estate market of Milan to understand the extent of the pressure. Furthermore, it sought to explore the outcomes of this pressure on urban areas and how it reflects on the new business strategies of the city. Therefore, it aimed to examine campus expansions, emerging student accommodations, and the large-scale urban regeneration projects within the city and frame the possible urban areas that appear in the globalizing landscape of Milan.