For one, the given argument is based on the assumption that the increase in the enrollments will all be out of state or internarional students. Mostly students who look for accommodation are the ones who belong to a different town or a different country. If most of the student who enroll are residents of Buckingham, then there is no point in building new dormitories as the students are likely to stay at their own residence rather than spend unnecessarily on rent. If the argument provided enough evidence that the majprity of students joining Buckingham College in the near future would be out of state or International students, then it would be viable to increase the number of dormitories.
Moreover, even if the argument were to provide evidence that the majority there is no mention of the financial conditions of the prospective students looking to enroll. More data regarding the average household incomes of students enrolling at Buvkingham would provide deeper insight into their ability to afford housing. If the argument provided evidence that the majority of students would find it difficult affording off campus housing, setting up new dormitories would prove feasible to the College. But if most of the students enrolling at Buckingham beling to affuent families, then are likely to afford housing even at high rates. Additionally, the argument mentions about the increasing trend in the rents in the recent years. This, however, does not guarantee that the rents will keep rising for the next few years. There might be a shift in the economy, causing the rent to go down. Also, builders might take up new projects to set up large residential complexes, increasing the number of housing options, ultimately causing a slump in the rents and making living more affordable.
Finally, the argument states that new dormitories would increase the chances of students enrolling at the university. There are many factors that students consider while applying at a particular college, from the World Rankings to tuition fees, demographics, and also the accommodation available. Setting up of dormitories by itself does not necessarily increase the likelihood of students enrolling at the college. If for example, Bukcingham has a really bad research output, then prospective students are more likely to look at other colleges. In short, if the argument provided evidence that Buckingham was one of the most desirable colleges and the only factor that made students hesitant to join was accommodation, a stronger basis for the argument could be established.