Student housing leases hit 85% occupancy for Fall 2023; numbers positive according to study

Finding the right accommodation for yourself in the quest for uni housing Fall 2023 has always been at the forefront for any university student, but ensuring that these housing options are leased quickly is the priority for PBSA or private rentals. In the recent student housing news developments, the study conducted by RealPage Market Analytics found that about 85.7% of the available beds have been rented out in the US for the Fall 2023 school year.

The US student housing market has been booming as of late, and this study that covered about 175 universities within the United States stands testament to that. The numbers are marginally lower compared to June 2022’s 86%. However, overall, the numbers are staggering when compared to the pre-COVID era, where the occupancy rate stood at 75% at this point. 

This positive uni housing Fall 2023 news doesn’t just end there. As many students are yet to arrive for the start of the academic year, the numbers are expected to rise to a healthy 90%. June 2022 featured a record-high 95.7% US student housing occupancy. Therefore the positive trend comes as a welcome student housing news to many rentals and private agencies out there. 

The occupancy rates are not uniform, however, as they vary from campus to campus. Out of the 175 universities the study covers, about 13 have already been fully leased out, including the University of Tennessee, the University of Delaware, Eastern Michigan University and North Carolina State, amongst others. 

The study also analysed the factors and reasons that attract students to their choice of student housing. Like multifamily housing options, students also consider the amenities on offer within their room as well as outside of it in the co-living spaces. Like many working professionals who prefer housing options near their work location, students too are more likely to opt for student housing within walking distance of their university. According to the study, the student housing options within half a mile of campus had higher occupancy rates compared to the rest. About 87% of housing within half a mile was reported to be occupied compared to 81% of those between half a mile to a single mile. Check out our coverage on how nearly half of the students in the UK prefer private accommodations.