While investors continue to put more money into off-campus housing, the dorm-style complexes are beginning to look more like resorts.

Patrick Clark of Bloomberg writes purpose-built student housing has become more upscale in recent years. Investors have put nearly $4.5 billion into properties just last year, and $3 billion the year before. They are gaining students by building private dorms that look more like a hotel than a place to study.

"Eighty percent of residents of off-campus student housing had access to a swimming pool, based on Bloomberg’s analysis of 94 student housing complexes across the U.S. Fifty-five percent lived in properties with on-site tanning salons, while 45 percent have beach volleyball courts. Just 38 percent offered dedicated study rooms."

"Focusing on properties operated by the largest student landlords does not completely capture the breadth of luxe offerings from smaller players in student housing."

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