NMHC releases 2021 student housing income and expense survey


The National Multifamily Housing Council (NMHC) released the 2021 NMHC Student Housing Income and Expense Survey. This survey provides detailed descriptive statistics for the 2020 calendar year income and expense statements of 953 private off-campus student housing properties, encompassing nearly 185,000 units and 529,000 beds across 47 states. This year’s report also provides statistics on two-year growth rates (2018-2020) among a set of 479 same-store properties.

The 2021 NMHC Student Housing Income and Expense Survey found that COVID-19 led to higher vacancy costs and increased concessions. A majority (61.5 percent) of properties recorded an increase in vacancy costs over the two-year period. Similarly, nearly half (44.0 percent) of properties increased concession offerings.

Some key findings of the report include:

  • Many properties incurred higher vacancy costs and offered increased concessions in order to attract tenants due to impacts related to COVID-19
  • Smaller properties (fewer than 300 beds) reported noticeably lower vacancy costs—a median of just 5.6 percent of potential rent
  • Garden-style properties incurred higher median concession costs—1.5 percent of potential rent
  • Concessions were highest in the Southeast, with a median of 1.38 percent of potential rent, and lowest in the Northeast (0.19 percent).

Since its inception in 2010, the Student Housing Income and Expense Survey has more than quadrupled in size. Learn more about the report here.