Improved vacancy rates and rising rents highlighted a strong year for the student housing sector despite the challenges it was presented by COVID-19, according to Moody's.
Last year, many colleges and universities closed their campuses to students and staff and switched from in-person classes to remote learning. Since then, the landscape has changed with the lowering of COVID-19 rates and the increased availability of its vaccine.
Looking at the national level, the student housing sector showed significant growth during the Fall 2021-Fall 2022 school year. The sector saw vacancies drop 200 basis points for properties that rent by the unit to 500 basis points for properties that rent by the bed. While asking rents grew by 2.9% for properties that rent by the bed and grew 4.2% for properties that rent by the unit.
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