Student Housing Occupancy Soars
Student housing has recovered from the impact of the pandemic, which saw occupancy slump to 88% in Fall 2020.
Students are back in colleges and universities, and they have flocked into student housing, setting an all-time record for beds occupied.
Over 957,000 beds were claimed in September — 6,000 more than August’s pre-lease statistics suggested. That resulted in 95% occupancy — 0.6% above August’s pre-lease rate of 94.4% — but lower than the record 96.5% final occupancy figure scored in fall 2022, according to a RealPage report. It also demonstrated that student housing has recovered from the impact of the pandemic, which saw occupancy slump to 88% in Fall 2020.
In 2023, new supply totaled just under 37,000 beds across the 175 core universities RealPage tracks. The Fall of 2024 could see even higher occupancy, when the report projects 28,000 new student housing beds will be delivered. Even though that number is subject to change due to financing challenges, economic feasibility and more, the report said it remains a pretty good representation of expected supply.
The schools expected to see the highest increase in 2024 are led by the University of Wisconsin, Madison, followed by the University of Texas, Austin. Others in the top 11 include: University of Cincinnati, Florida State, George Mason’s science and technology campus, Texas A&M, Florida International, University of Tampa, University of Oregon, Pennsylvania State and University of Georgia. Each will see over 1,000 beds come online in 2024.
The 2,900 beds headed for Wisconsin represent a 50% total increase for the school. UT Austin will receive nearly 2,500 beds in 2024, following a 2,840 infusion this fall, and with more to come in 2025. Another 19 schools will receive 500 to 1,000 beds, and 16 will get up to 500. It appears the appeal of campus life still beckons.