The student housing performance cycle that began in 2020 has recorded extreme variations, according to a RealPage report. However, several schools have consistently outperformed the national norm for purpose-built student housing pre-leasing and growth, said the firm.
The top performers tended to be in states with fast-growing populations and were more likely to be state flagship universities with large enrollments. Several of the top-performing schools are located in what
RealPage described as quintessential college towns that have a more limited shadow market. Also called student competitive supply, shadow markets consist of any conventional apartment unit within three miles of a college campus that gives students additional housing choices. Limited shadow markets increase demand in the purpose-built student housing sector.
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In addition, the top-performing schools typically have large and growing enrollment bases that have withstood soft enrollment nationally, said RealPage.
Between Fall 2020 and Fall 2024, 14 schools have outperformed the national average for pre-leasing. These schools typically report 100% leased as of August, or slightly below. In addition, these 14 schools have grown rents at a higher rate than the national average among the 175 universities RealPage monitors.
The 14 top-performing universities are:
- Appalachian State University in Boone, North Carolina
- Brigham Young University in Provo, Utah
- Clemson University in Clemson, South Carolina
- Kennesaw State University in Kennesaw, Georgia
- Kent State University in Portage County, Ohio
- Purdue University in West Lafayette, Indiana
- University of Georgia in Athens, Georgia
- University of North Carolina in Chapel Hill, North Carolina
- University of Notre Dame in Notre Dame, Indiana
- University of Oklahoma in Norman Oklahoma
- University of Pittsburgh in Pittsburgh, Pennsylvania
- University of Tennessee in Knoxville, Tennessee
- Utah State University in Logan, Utah
- Virginia Tech in Blacksburg, Virginia
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
