Today, the National Multifamily Housing Council (NMHC) released the 2025 NMHC Student Housing Income and Expense Survey, offering an in-depth look at the operating performance of off-campus student housing communities across the United States.
The 2025 edition includes data from 16 unique student housing providers, representing 719 properties, 114,149 units and 400,224 beds across 44 states and six regions. This comprehensive resource provides benchmarks and trend data to help owners, managers and investors evaluate performance across the student housing sector.
“The NMHC Student Housing Income & Expense Survey continues to serve as a value benchmark against which student housing lenders, investors, owners and managers can measure their own financial performance,” noted NMHC Chief Economist, Chris Bruen. “Moreover, the report’s analysis of two-year changes in select line items gives a unique window into the industry’s evolving financial landscape.”
Key findings of the survey include:
- Net rental income grew by a median of 14.3% from 2022-2024 among same-store properties.
- Net rental income was highest in newer, high-rise properties and in the Northeast and Pacific regions.
- Property taxes were lowest in the Mountain region, while operating expenses were highest among smaller and high-rise properties.
- Properties with higher vacancies tended to spend more on concessions and marketing, underscoring the connection between occupancy and operational costs.
Learn more about the survey here.
Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is where rental housers and suppliers come together to help meet America’s housing needs by creating inclusive and resilient communities where people build their lives. We bring together the owners, managers, developers and suppliers who provide rental homes for 40 million Americans from every walk of life—including seniors, teachers, firefighters, healthcare workers, families with children and many others. NMHC provides a forum for leadership and advocacy that promotes thriving rental housing communities for all. For more information, contact NMHC at (202) 974-2300, email the Council, or visit NMHC's website at nmhc.org.
