The student housing market for the upcoming 2024-2025 leasing season has started sooner and faster than ever. The November 2023 Matrix Student Housing National Report provides insights into key metrics shaping the market, revealing both challenges and opportunities for property owners and investors.
Yardi Matrix Student Housing Preleasing Trends
Preleasing for the 2024-2025 school year has seen an unprecedented start, reaching 25.2% in October 2023, significantly outpacing the previous year's record-setting pace of 10.4% preleased in October 2022.
Rent and Investments
In October 2023, the average asking rent per bed among the Yardi 200 markets for the upcoming school year was $854, showcasing a 6.6% increase from October 2022. Notably, some universities experiencing the fastest preleasing are witnessing rents soaring by 15-25% year-over-year, reflecting the robust demand for student housing.
Despite the impressive preleasing figures, investment activity has seen a significant decline due to higher interest rates, with only 66 dedicated student housing properties sold so far in the current year, compared to over 200 at the same point last year.
While challenges such as lower occupancy and cautious investment behavior persist, the surge in preleasing activity, coupled with rebounding enrollments, points to a resilient and potentially lucrative market for student housing in the coming year.
To read the full report, visit yardimatrix.com
Related Stories
Student Housing | Oct 25, 2023
Pierce Education Properties acquires Penn State student housing
The two communities offer a wide range of amenities, including swimming pools with sun decks, study rooms with complimentary printing services, fitness centers, tennis court, and sand volleyball courts.
Giants 400 | Oct 23, 2023
Top 115 Multifamily Construction Firms for 2023
Clark Group, Suffolk Construction, Summit Contracting Group, Whiting-Turner Contracting, and McShane Companies top the ranking of the nation's largest multifamily housing sector contractors and construction management (CM) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report. Note: This ranking factors revenue for all multifamily buildings work, including apartments, condominiums, student housing facilities, and senior living facilities.
Giants 400 | Oct 23, 2023
Top 75 Multifamily Engineering Firms for 2023
Kimley-Horn, WSP, Tetra Tech, Olsson, and Langan head the ranking of the nation's largest multifamily housing sector engineering and engineering/architecture (EA) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report. Note: This ranking factors revenue for all multifamily buildings work, including apartments, condominiums, student housing facilities, and senior living facilities.
Giants 400 | Oct 23, 2023
Top 190 Multifamily Architecture Firms for 2023
Humphreys and Partners, Gensler, Solomon Cordwell Buenz, Niles Bolton Associates, and AO top the ranking of the nation's largest multifamily housing sector architecture and architecture/engineering (AE) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report. Note: This ranking factors revenue for all multifamily buildings work, including apartments, condominiums, student housing facilities, and senior living facilities.
MFPRO+ News | Oct 6, 2023
Announcing MultifamilyPro+
BD+C has served the multifamily design and construction sector for more than 60 years, and now we're introducing a central hub within BDCnetwork.com for all things multifamily.
Contractors | Sep 25, 2023
Balfour Beatty expands its operations in Tampa Bay, Fla.
Balfour Beatty is expanding its leading construction operations into the Tampa Bay area offering specialized and expert services to deliver premier projects along Florida’s Gulf Coast.
Affordable Housing | Sep 25, 2023
3 affordable housing projects that serve as social catalysts
Trish Donnally, Associate Principal, Perkins Eastman, shares insights from three transformative affordable housing projects.
MFPRO+ Blog | Sep 21, 2023
The benefits of strategic multifamily housing repositioning
With the rapid increase in new multifamily housing developments, owners of existing assets face increasing competition. As their assets age and the number of new developments increases seemingly day-by-day, developers will inevitably have to find a way to stay relevant.
Multifamily Housing | Jul 31, 2023
6 multifamily housing projects win 2023 LEED Homes Awards
The 2023 LEED Homes Awards winners in the multifamily space represent green, LEED-certified buildings designed to provide clean indoor air and reduced energy consumption.
Adaptive Reuse | Jul 27, 2023
Number of U.S. adaptive reuse projects jumps to 122,000 from 77,000
The number of adaptive reuse projects in the pipeline grew to a record 122,000 in 2023 from 77,000 registered last year, according to RentCafe’s annual Adaptive Reuse Report. Of the 122,000 apartments currently undergoing conversion, 45,000 are the result of office repurposing, representing 37% of the total, followed by hotels (23% of future projects).
