The NMHC Student Housing Council is pleased to release the 2015 Off-Campus Student Housing Income and Expense Benchmarking Survey. Since its inception in 2010, the survey has been a vital industry tool, giving student housing lenders, investors, owners and managers financial guideposts against which to measure both projected and actual performance results.  Conducted by NMHC’s Student Housing Council, the sixth annual survey offers the most comprehensive survey to date including; detailed financial line-item data for 562 student housing properties representing more than 115,000 units and more than 322,000 beds across 40+ states.

In addition to the broader, national data set, the 250-page 2015 edition includes select regional results and data for 19 individual states-Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Louisiana, Michigan, Missouri,  North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia. 

This year’s report has even more extensive information than 2014, including key data points in the areas of income, expenses and supplemental items. Repeat submissions from many student housing firms allowed for new year-over-year performance analysis in this year’s survey. Same-store information is available for 381 properties, with responses from 2014 recalculated to ensure consistent methodology from 2014 to 2015. 

More specifically, the data includes information on these line items:

Income: Gross Potential Rent; Concessions; Vacancies; Gain/Loss to Lease; and Net Rental Income.

Expenses: Net Rental Income; Total Operating Expenses; Total Compensation; Maintenance and Repairs; Marketing; Utilities (excluding cable); Taxes; Insurance; Management Fees; Turnover; General and Administrative. 

Supplemental Items: Late Fee Income; Utility Income; Security Expense; Landscaping; Cable and Internet. 

Beyond the geographic breakouts, the data was also evaluated on a number of other property characteristics:

  • Type of lease (by-the-bed and by-the-unit)
  • Type of property (garden-style, mid-rise and high-rise)
  • Age of property (2011-present; 2006-2010; before 2000)
  • Size of property (up to 200 beds; 301-600 beds; 601 or more beds)