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Student housing is poised for another solid performance in 2023 after record returns last year, according to the latest National Student Housing Report from Yardi Matrix

Student Housing Sector is Poised for Another Stellar Year

Student housing is poised for another solid performance in 2023 after record returns last year, according to the latest National Student Housing Report from Yardi Matrix. As of December 2022, 48% of beds at Yardi 200 universities were already leased for the fall 2023 school year, a new record high for this time of year. On the investment sales front, 2022’s nearly $5 billion in volume was just short of the peak set in 2021.

“Momentum is strong heading into the new year, even as the effect of higher interest rates takes hold in the economy and has led multifamily rents to decelerate,” say Matrix experts. “Student housing remains largely unaffected, as the industry typically does better during times of economic volatility.” 

Rent growth also remained strong, at 4.7% annual growth in December. Annual rent growth peaked in June of last year at 5.2%, and growth has hovered between 4.5% and 5% each month since, according to Yardi Matrix. 

“With over eight months to go until the start of the next school year, we anticipate 2023 being another record-breaking year for student housing performance,” the report states. One caveat: highly selective universities with name recognition are maintaining their interest among incoming students, while smaller schools are having more difficulty with enrollment.

Pictured: Purdue University in West Lafayette, IN, which led universities in annual rent growth during 2022.


Inside The Story

Yardi Matrix

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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