I live in student accommodation, which means I cant store my bike inside (€100 fine), Although there are bike racks outside they are unsheltered. There is a bike rack which is half sheltered (Like a bus stop), but that is a 5 minute walkaway, not great as I use my bike to go to classes a lot. I can hire a bike locker but that is a ten minute walkaway. I use my bike to go to work on weekends, around 20 minutes each way. I live in Ireland and it rains around once a week, worse in winter of course. Since bikes deteriorate in the rain is it better to buy a single speed bike for less moving parts, or maybe use a bike shelter.
If you want covered parking - I would - then this is your best bet. Sporting a bike cover on campus is just asking for someone to mess with your ride. There is covered parking at my workplace but it's a block away from the building in which I work; it's about a 5 minute walk from my desk, not that big of a deal and as a nice bonus I get some hilarious looks as I walk to and fro in kit which of course means my dick is nearly visible.