If you consider Fall 2020 to be the start of a new cycle in student housing – and we do – then we’ve already seen a few campuses rise to the top of the occupancy leaderboard over the last three years. Since Fall 2020, these 20 campuses have claimed the highest average occupancy, led by Appalachian State University, which has an average rate just 40 basis points (bps) shy of 100%, according to data from RealPage Market Analytics. Appalachian State, along with all the other schools highlighted in blue, have seen simply excellent demand and, as a result, effectively every bed has been filled at these schools over the last three years. Wisconsin-Madison is worth watching in the Fall 2024 pre-lease season as it is expected receive about 2,900 beds in the coming year. Not to mention, the conventional market in Madison will receive about 1,200 new units in 2024. The conventional markets where Boise State and Utah Valley reside (Boise, Idaho and Orem, Utah, respectively) have tightened considerably over the last couple years, supporting further student housing demand. Meanwhile, demand at Purdue and Central Florida struggled in Fall 2020, but both schools have since realized strong absorption rebounds.
Catch up on where the student housing market stands for the Fall 2024 pre-lease season here.
