For years, off-campus student housing lenders and investors have been challenged by a lack of detailed industry performance data. Since 2010, the NMHC's Student Housing Council has worked with student housing developers to collect and analyze financial data for performance benchmarking purposes.
This report is a follow up to the October 2011 Student Housing Income and Expense Benchmarking Survey. It examines additional data submitted for the original report, giving industry stakeholders insight into how efficiently the student housing market operates.
New data points include gross potential rent, gain/loss from lease, concessions, and vacancy loss. In addition to a per bed breakdown of the information, the results also have been tabulated by property type, building age, and geographic region.
- On average, student housing properties netted 88.1 percent of their gross potential rents on a per bed basis after concessions and vacancy losses. Properties in the Southeast had the strongest regional performance, taking in 90.8% of their gross potential rents, on average.
- Although newly constructed student housing properties, on average, spent more on concessions and had higher levels of vacancy losses, they netted 10 percent to 14 percent more dollars per bed than their older vintage counterparts.
- As the sector has grown and more professionally managed players have entered the space, revenue management strategies have increasingly shifted toward a per-bed rather than per-unit leasing model. Roughly 84.4 percent of survey respondents indicated that they leased by the bed, which corresponded to lower levels of concessions and vacancy losses, on average.
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NMHC members may access the report free as part of their membership.
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