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Originally published on August 8, 2023, by Anneliese Mahoney for the Mortgage Banker's Association.
Berkadia, New York, in its 2023 U.S. Student Housing Preleasing Report found student housing operating fundamentals are among the strongest in the commercial real estate sector, with the fall 2023 lease-up cycle the fastest on record.
“With new asset deliveries still below pre-COVID-19-pandemic levels and Tier I universities enjoying robust enrollment growth, operating fundamentals will only continue to strengthen,” Berkadia predicted.
Average rent per bed was $851, an 8.8% increase from June 2022. Overall, the sector had an 87.1% prelease rate, up 90 basis points annually.
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