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Student Housing Operators Grow Rental Income by 13.4%
Net rental income grew by a median of 13.4% from 2022 to 2024 among same-store student housing properties, the National Multifamily Housing Council reported. The just-released 2025 NMHC Student Housing Income and Expense Survey also found that income was highest in newer, high-rise properties and in the Northeast and Pacific regions.
Covering 719 properties and 400,224 beds across 44 states, the survey found that property taxes were lowest in the Mountain region, while operating expenses were highest among smaller and high-rise properties. NMHC also reported that properties with higher vacancies tended to spend more on concessions and marketing, underscoring the connection between occupancy and operational costs.
“The NMHC Student Housing Income and Expense Survey continues to serve as a value benchmark against which student housing lenders, investors, owners and managers can measure their own financial performance,” said 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.”
Pictured: Vie Towers in Hyattsville, MD.
- ◦Lease
