NMHC releases latest student housing income and expense benchmarking survey


Proximity and building size drive rents for student housing properties according to the National Multifamily Housing Council 2019 Student Housing Income and Expense Report.

“This report provides student housing operators and developers with critical financial guideposts to compare both projected and actual performance results,” said NMHC Vice President of Research Caitlin Walter.

Key findings of the report include:

  • Net rent per bed decreased by five percent for each additional mile away from campus.
  • Median rental income for high-rise buildings was over $2,000 higher per bed than mid-rise buildings. High-rise properties also recorded a 57 percent premium over garden-style apartments.
  • Garden-style units tended to record the highest vacancy costs, but also the lowest per-bed operating costs.
  • Properties built after 2010 commanded a net rental premium of 19 percent compared to properties built before 2000. This is up from 15 percent for properties built between 2006 and 2010.

The 2019 report includes data from over 375,000 beds, almost triple the size of the report’s first edition in 2010.

“The sheer sample size makes this report a valuable tool for all in student housing,” said Chris Bruen, NMHC Director of Research.

Read the full report at here.

Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is the leadership of the three trillion-dollar apartment industry. We bring together the prominent apartment owners, managers and developers who help create thriving communities by providing apartment homes for 39 million Americans. NMHC provides a forum for insight, advocacy and action that enables both members and the communities they help build to thrive. For more information, contact NMHC at 202/974-2300, e-mail the Council at info@nmhc.org, or visit NMHC’s web site at www.nmhc.org.