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Real Estate

Over a Quarter of Student Beds Already Pre-Leased for Fall 2023

Source: https://www.realpage.com/analytics/over-a-quarter-of-student-beds-already-pre-leased-for-fall-2023/

Only three months into the student housing pre-lease season and occupancy rates are already setting records.

Over 27% of student housing beds at the core 175 universities tracked by RealPage Market Analytics were pre-leased for the Fall 2023 academic year – easily the highest November rate on record. Pre-pandemic November rates tracked closer to 20% pre-leased. November’s rate of 27.1% marks a significant jump from October’s rate of 10.4%.

In a return to pre-pandemic normalcy, pre-lease rates ran highest in properties closest to campus. As of November, 29.1% of beds within a half mile of campus were pre-leased, compared to 23% of beds within a half mile to one mile of campus and 23.9% of beds more than one mile from campus.

This early into the pre-lease season, several schools are already reporting pre-lease occupancy over 50%, including two Knoxville schools: The University of Tennessee and Clemson University. Purdue and the University of North Carolina also reported very strong pre-lease rates as of November. With only a couple months of pre-leasing, no schools cause concern as laggards. Those with lower-than-average pre-leasing as of November tend to adhere to a trimester academic calendar.

Though effective rent growth could still fluctuate considerably this early in the season, November readings read strong at 8.6% across the RealPage 175.

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

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Data is changing the speed of business. Investors, Corporations, and Governments are buying new, differentiated data to gain visibility make better decisions. Don't fall behind. Let us help.

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Advan provides hedge funds and institutional investors with unmatched insights into both foot and vehicle traffic to enable better investment decisions. Using precise, manual geofencing, it has the most extensive and accurate location data, available in seconds through an intuitive, self-service dashboard. Its institutional-grade analytics allow fast and actionable insights into customer behavior and corporate activity.

Advan is headquartered in New York City. For more information please visit www.advan.us