As the student housing sector continues to expand, student housing lenders and investors increasingly demand detailed industry performance data. In an effort to meet that need and support the student housing sector, NMHC's Student Housing Council has worked with student housing providers to collect and analyze financial data for performance benchmarking purposes since 2010.
This report is a follow up to the October 2012 Student Housing Income and Expense Benchmarking Survey. It provides a further examination of data for 290 of the 370 properties that submitted data for the original report, representing more than 170,000 beds.
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 leasing model and property age. Some limited regional information is also available.
- Gross market rent increased, on average, 11.4 percent per bed in the past year. The year-over-year comparison applies only to the 211 properties that submitted income-expense data for both 2011 and 2012. However, in many cases, concessions offset portions of the gross market rent increases.
- The newest properties used concessions more aggressively. While properties built from 2006 to the present reported higher average gross market rents than older properties, they spent more on rent concessions. Average concessions were $467.44 for properties built from 2006 to the present.
- Rental income increased, on average, 2.7 percent per bed in the past year. Analysis of 196 properties, accounting for 111,773 beds shows that rental income per bed rose from $5,159.62 to $5,299.37 from 2011 to 2012. Rental income reflects gross market rent against losses to lease, concessions and vacancies.
Purchase the Report
NMHC members may access the report free as part of their membership.
- Off-Campus Student Housing: 2015 Income and Expense Benchmarking Survey
- NMHC Releases 2012 Income/Expense Benchmarks for Student Housing
- Report Offers New Metrics For Student Multifamily Housing Market
- Student Housing: 2011 Income/Expense Supplemental Report--Potential Rent, Concessions and Vacancy Loss