With the new fall semester underway, there’s a buzz in the air of student housing. While we’re still waiting on the final enrollment numbers, early signs are pointing to a booming demand for places to live near campuses across the U.S.
According to RealPage, which keeps an eye on 175 major universities, student housing occupancy hit an impressive 95.7% in September. That’s 190 basis points higher than one year prior.
Student Housing Occupancy
Students are clearly eager to be close to their classes, and they’re willing to pay a bit more for that convenience. Housing options within half a mile of campus are especially popular, boasting an average occupancy of 96.5% in September. That’s 80 basis points higher than places between half a mile and a mile away, and 130 basis points more than those over a mile from campus.
Given the strong demand, it’s unsurprising that asking rents per bed in these prime locations increased by 3.3% compared to last year.
Occupancy by Distance
Looking at different regions, the trend varies a bit. In the Midwest, Northeast, and South, students are flocking to housing close to campus, pushing occupancy rates higher than those farther away.
Out in the Western region, students seem less picky about distance, with occupancy rates falling in the mid-95% range across all distances. Overall, it’s an exciting time for student housing, with plenty of movement and growth as students settle in for the new academic year.
For additional insights and personalized assistance, contact our Student Housing team for more information.