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Student Housing

Student housing has proven to be a resilient real estate strategy, playing a vital role in the higher education landscape. Despite demographic challenges, student housing continues to provide strong demand drivers, diversification benefits, and steady return potential. 

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Student Housing

Enrollment Outpacing Supply

Despite a shrinking college-age population, undergraduate enrollment at Power 41 schools rose 3.1% in 2024, with top conferences like the SEC growing even faster at 4.2%.2 Nationally, new student housing deliveries have slowed dramatically—dropping from an average of 102,000 beds annually between 2015 and 2019 to just 46,000 in 2025, a 55% decrease. Even within Power 4 markets, construction remains limited. In fact, 2025 saw only 18,000 new beds across Power 4 schools, with the University of Tennessee alone accounting for 14% of that total.3

Student Housing Supply vs Enrollment3

Supply vs Enrollment

1 Power 4 schools refers to universities that belong to the four most influential athletic conferences in NCAA Division I sports (Big Ten, SEC, ACC and
Big 12), where occupancy and preleasing velocity remain consistently high.

2 RealPage Data Subscription, RealPage Top 175

3 RealPage Data Subscription

Strong Historical Performance

Student housing has outperformed traditional multifamily during the last two recessions. In 2020, rent collections exceeded 98%, even as conventional rentals struggled.4 During the Great Financial Crisis of 2008/2009, returns for the student housing sector were stronger than traditional real estate and maintained competitive returns throughout the initial 3-year recovery period.5

Additionally, student housing returns have demonstrated minimal correlation with equities and other real estate sectors.  When using quarterly return data from 2007 through 2025 (as far back as the student housing data exists), student housing and the S&P 500 have a negative correlation at -4.0%,6 which underscores the sector’s value in portfolio construction and can mitigate risk during downturns.

Student Housing Returns5

Student Housing Returns

4 Student Housing Holds Strong During Pandemic | National Apartment Association

5 NCREIF Expanded NPI | Residential Student Housing | Data as of 2025 Q3

6 NCREIF Expanded NPI, NCREIF ODCE Index, NCREIF Residential: Student Housing, Morningstar S&P 500 TR USD (1936)

Student Housing Education & Resources

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