U.S. Student Housing Investor Survey and Trends Report

Key Takeaways

• Despite political, economic, and social headwinds, the student housing sector shows strong resilience. As the 2025–2026 academic year begins, indicators such as rent growth and occupancy rates remain favorable.
• While international enrollment declined by over 11% (130,000 fewer students), overall enrollment is projected to surpass 2024 levels. Graduate programs were most affected, but undergraduate demand remains strong.
• As of September 2025, national average asking rent per bed reached $1,017, up 3.4% YoY, with 91.6% average occupancy. Though rent growth has slowed from previous years, it still outpaces the broader multifamily sector.
• Cushman & Wakefield reported $27 billion in student housing valuations over the past 12 months, averaging $129,230 per bed. Properties within 0.5 miles of campus command a 33% valuation premium over those farther away.
• Institutional capital is re-entering the market, making up 35% of total investment volume YTD. Cross-border investment is also rising. However, caution remains due to $12 billion in loan maturities expected over the next 24 months.