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Real Estate

Student Housing Sees Highest Rent Growth in Years

Source: https://www.realpage.com/analytics/student-housing-sees-highest-rent-growth-years/

After a year of ups and downs, student housing operators wrapped the Fall 2021 leasing season strong in terms of pricing.

Student housing rents ended the leasing season up 2.3% from the previous August, the best year-end rent growth since 2016 when rent growth hit 2.6%. This year’s strong rate also stands in contrast to 2020’s lackluster year-end rent performance of 1.2%.

It’s hard to image how Fall 2021’s rent performance could be any more encouraging after a year of uncertainty caused by the global pandemic. Fall 2021 annual rent change is the second-best of the last decade.

The nation’s average effective asking rent sits at $725 as of August.

Rent change by school usually varies greatly, but even those metrics impressed this year. A quarter of the RealPage 175 universities recorded rent growth at or above 4% in Fall 2021, compared to just 16% of schools a year earlier. Alternatively, the percentage schools that recorded rent cuts in 2021 was far lower than that same percentage in 2020.

That 25% of the schools that surpassed 4% rent change for Fall 2021 was great by even a normal year’s standards. About 31% of schools had rent growth in the range of 2% to 4% in Fall 2021, compared to 17% in Fall 2020.

In total, more than 56% of the RealPage 175 achieved better than 2% rent growth in Fall 2021. That was almost double the Fall 2020 figure.

To learn more about the data behind this article and what RealPage has to offer, visit https://www.realpage.com/.

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Consumer Edge Insight offers exclusive street-ready big-data products engineered for alpha generation by Data Science Teams & Portfolio Managers alike. CEI offers a number of alternative data products including CE Transact, our leading U.S. credit/debit card insight product (15M cards). CE Transact products provide aggregated revenue signal, deep fundamental cohort analysis and/or granular transaction-level data feeds with unparalleled metadata. Advantages: shortened latency (T+4), better panel representativeness (9M+ daily panel), and metadata integration such as demographics (at cardholder level). All data is cleaned with CEs Advanced Tagging System.