Kenyan Developer Builds Fully Furnished Studio Apartments for Students: "From KSh 2.4m"
- A Kenyan developer has launched Rafi Studios, a multi-million housing project with over 300 fully furnished units near JKUAT
- The developer saw an opportunity to meet the demand for decent off-campus accommodation, as the university hosts over 32,000 students
- The developer was inspired to undertake the project due to personal experiences with student housing struggles
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Elijah Ntongai, an editor at TUKO.co.ke, has over four years of financial, business, and technology research and reporting experience, providing insights into Kenyan, African, and global trends.
The availability of decent housing is one of the main challenges facing Kenya's urban areas.
Source: UGC
This has created business opportunities for developers and investors, particularly when it comes to meeting the demand for housing among students in higher education institutions.
A developer has put up a multi-million housing project targeting thousands of students at the Jomo Kenyatta University of Science and Technology (JKUAT).
During a tour of the housing units, Rafi Studios, Gimco's Paul Karanja told TUKO.co.ke that the project consists of over 300 units and is strategically positioned to meet the ever-growing demand for quality, affordable student accommodation.
The project's developer explained that their motivation stemmed from a personal experience of dealing with housing challenges while studying.
Is there a shortage of student housing?
The demand for student housing in Juja and the surrounding areas is significant, particularly due to the size of JKUAT, which has over 32,000 students.
Karanja explained that the university currently only accommodates about 2,700 students in its hostels, which results in high demand for housing alternatives outside the school.
"With more than 6,800 new students placed at JKUAT through the Kenya Universities and Colleges Central Placement Service (KUCCPS) in 2025 alone, the need for private accommodation is growing. This shortage creates an ongoing demand for off-campus housing, making Rafi Studios a timely and valuable addition to the housing market," Karanja added.
Recognising the shortage of suitable housing around JKUAT, the developer set out to create a solution by offering fully furnished units for sale to investors, providing students with convenient living spaces close to campus.
The housing units are located in Juja within a five-minute walk from JKUAT. The studios are designed in different sizes to cater to the specific needs of the diverse students.
Karanja noted that there are single-bed studios, twin-bed studios, and one-bedroom apartments and that all are equipped with essential furnishings, including quality beds, study desks, wardrobes, and seating furniture.
Source: Original
The development is designed with the comfort of students in mind, with common amenities such as study rooms, lounges, and a visitor reception area.
How is this an investment opportunity?
According to Karanja, Rafi Studios presents an investment opportunity for local and diaspora investors seeking to generate income from the real estate sector.
The developer explained to TUKO.co.ke that the housing units are up for sale to interested investors who want to buy the units and rent them out.
The developer has projected annual rents of KSh 288,000 for single-bed studios, KSh 360,000 for twin-bed studios, and KSh 540,000 for one-bedroom apartments.
According to the developer, single-bed studios (25 sqm) and twin-bed studios (25 sqm) will go for KSh 2.4 million, and one-bedroom apartments (45 sqm) will go for KSh 4.2 million.
Source: UGC
Karanja said the development offers opportunities to parents seeking secure accommodation for their children, diaspora Kenyans looking for passive income, and first-time real estate buyers searching for affordable, hassle-free investments.
Is there successful investment in student accommodation?
In other news, Kenya’s high student population has spurred significant investment in purpose-built student accommodation.
In recent years, billionaire Edward Kirathe emerged as a key player in the industry through Acorn Investment Management Limited, the developers behind Qwetu and Qejani residences.
Acorn, under Kirathe’s leadership and with him as the largest individual shareholder (30.24%), recorded a net profit of KSh 855 million in 2022 from its student hostels business, serving over 4,300 students.
Notable projects include Qwetu Hurlingham (832 beds), Qwetu Aberdares Heights II (601 beds), Qwetu Karen (542 beds), and Qejani Karen (808 beds).
These investments signal not just growing profitability in student housing but also reflect broader trends of real estate diversification amid a booming youth demographic and rising education enrolment.
Proofreading by Mercy Nyambura, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
