For years, off-campus student housing lenders and investors have been challenged by a relative lack of industry data. While there are income and expense surveys for the broader conventional apartment market, until 2010, when NMHC decided to gather data and publish the first “Off-Campus Student Housing Income and Expense Benchmarking Survey,” there were none for the student housing sector. That report, which was especially welcomed by lenders and investors, showed relevant data on a national basis.

The 2011 survey updates and expands on that effort. It compiles data from 29 companies in 32 states covering 341 properties comprised of 74,464 units with 195,923 beds. As a result of the broader data set, national results are supplemented with regional results as well as state-level data for Alabama, Arizona, Florida, Georgia, Illinois, Indiana, North Carolina, Ohio and Texas.

It offers data on total operating expenses and the following key expense line items:

1. Total Operating Expenses
2. Compensation (Wages and Benefits)
3. Maintenance and Repairs
4. Taxes (Property and Tax Fees)
5. Insurance
6. Marketing
7. Turnover
8. Utilities

Net rental income and late fee income are also included. The results are shown both in absolute dollar figures per bed as well as a percent of net rental income. Where sufficient data was available, it is also broken out further by:

1. type of lease: by-the-bed and by-the-unit;
2. type of property: garden or mid-rise; and
3. age of property: 2003-present; 1998-2002; 1997 and before.

In each of the tables we show the 10th, 50th and 90th percentile results as well as the average. In the case of expenses, the 10th percentile represents the lower cost of a line item and the 90th percentile the higher range. In the case of late fee income, the 90th percentile is the upper range for that income item.

Purchase a copy here.

PRICING AND ORDERING INFORMATION

Off-Campus Student Housing: 2011 Income and Expense Benchmarking Survey

• $750 for NMHC/NAA members
• $1,500 for non-members. 
• To order the report, click here.
  • NAA Members: Online orders cannot be processed for NAA members.  Please click here for an order form.

• $1,700 for NMHC/NAA members
• $2,500 for non-members
• To order the package, click here.
  • NMHC Members: Be sure you are logged in to receive the member price.
  • NAA Members:  Online orders cannot be processed for NAA members.  Please click here for an order form.

ADDITIONAL NMHC STUDENT HOUSING RESEARCH

• NMHC Special Off-Campus Student Housing: Income and Expense Benchmarking Survey. Provides information on total operating expenses as a percent of rent along with seven expense line items within operating expenses for 197 properties. (2010)
  

• NMHC Special Student Housing Report: Has the Recession Had an Impact? Seeks to determine whether the dramatic U.S. economic downturn has had an impact on enrollment and on-campus dormitory vacancy rates. 
  

• On-Campus Housing Costs: More than Meets the Eye.  Researches 181 universities and offers current enrollment, basic demographic data for the locality (from the 2000 Census) and baseline on-campus housing price data and billing practices.
  
  
• What Do Students Want: Understanding Today’s Off-Campus Student Housing Market.  Explores explores what students look for when selecting an off-campus apartment based on in-depth focus groups at nine universities.
  
  
• Student Housing 201: 2004-2006 Rent Growth in 64 College Towns. Tracks rent growth in student housing properties over a two-year period. 
  
  
• Student Housing 101: Where are the Opportunities?  Analyzes the demand for off-campus housing in 64 "college towns" across the country.
  
  
• Student Housing 102: An In-Depth Look at Properties Leased By-the-Bed.  Examines the smaller subset of properties that lease their apartments by the bed instead of by the unit.
  
  
• Student Housing 103: A Survey of 184 University Housing Departments. Examines enrollment trends, existing on-campus housing stock and each school's own prediction of its need for future on-campus housing.