Despite continuing pandemic, student off-campus housing demand is strong at colleges and universities.
No Ifs, Ands, or Buts…Students Want to Remain & Live in Off-Campus Housing
Even during the onslaught of the COVID pandemic in March 2020, a whopping +70% of college students remained living in their off-campus housing while pursuing remote learning, according to a recent study by Township.
Off-Campus Occupancy Rates
2021 occupancy rates prior to the beginning of this new fall semester hit 86.7%, higher than pre-pandemic rates, at over 175 top universities and colleges around the country, according to RealPage.
On top of that 86.7% occupancy rate, factor in the reality that pre-leasing rates in June and July hit +10%, the highest jump in pre-leasing in years, according to CNBC.
David Adelman, founder of CampusApartments as well as co-founder of FS Investments and Darco Capital, said that demand for off-campus apartments is greater than ever. The fact is that many students who took a gap year from college during 2020 are now at school pursuing their higher education classes and goals.
Ackerman said, “Regardless of learning in-class or remotely, students want to be living where they’re going to school.”
Experts are predicting that occupancy rates in off-campus housing will hit 90% this fall.
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Rents Up
Mirroring strong demand, rent prices have increased +2.1% compared to pre-pandemic rents.
Profits Up for Student Housing Investors
The one and only REIT, American Campus Communities, focused on student housing is seeing its stock price increase +47% over pre-pandemic times. Ackerman’s company, CampusApartments, is up +33% year-to date with a valuation of +$1.5B.
Real estate journalist Diane Ollick with CNBC said on CNBC’s The Exchange that private equity firms are pouring money into student housing these days due to such strong demand.
Thanks to CNBC.
