Le Lézard
Classified in: Science and technology, Business
Subjects: SVY, ECO

Student Housing Preleasing, Rent Growth Help Sector Shine, Yardi Matrix Reports

Strong fundamentals continue to fuel development and new units are quickly absorbed

SANTA BARBARA, Calif., Sept. 21, 2023 /PRNewswire/ -- The student housing sector starts the school year in a strong position, as preleasing matches last year's solid performance and year-over-year rent growth has continually outpaced 2022's historic growth.

Student housing is one of the few real estate sectors to be continually resilient post-pandemic, according to the latest National Student Housing Report from Yardi® Matrix, which is now available for download. You can also join the upcoming Student Housing Webinar with Matrix experts on Oct. 25 and gain more in-depth insight.

As of August 2023, 94 percent of beds at Yardi 200 universities were preleased, a 3.3 percent increase from the prior month and 0.2 percent behind August 2022. Rents remained flat in August from July at $845 per bed, but year-over-year rent growth of 6.9 percent in August was still well above the historic average for the sector.

"As we enter the 2023-2024 school year, student housing preleasing matches last year's solid trend and year-over-year rent growth has continually outpaced last year's historic growth, as well as other property sectors," say Matrix analysts in the new report. "The sector is in prime position to weather a potential recession, with counter-cyclical demand patterns and solid occupancy and rent growth baked in for the 2023-2024 school year."

Strong fundamentals continue to fuel development, and Matrix projects approximately 40,000 new beds to deliver in fall 2023 at Yardi 200 universities, compared to the 27,000 delivered in fall 2022. Solid preleasing and rent growth suggest that much of the new supply has already been absorbed.

Read more findings from the latest student housing report.

The student housing data set includes over 2,000 universities and colleges nationwide, including the top 200 investment grade universities across all major collegiate conferences. Known as the "Yardi 200," it includes all Power 5 conferences as well as Carnegie R1 and R2 universities.

Yardi Matrix offers the industry's most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi

Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

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