2025 Student Housing Income & Expense Benchmarking Report

2025 Student Housing Income & Expense Benchmarking Report
The 2025 Survey (Based on 2024 Calendar-Year Data):
The 2025 edition includes data from 16 unique student housing providers, representing 719 properties, 144,149 units, and 400,224 beds across 44 states and 6 regions.

The report provides users with access to two easily navigable Excel files:
  • Summary statistics for the 2024 calendar year.
  • Same-store analysis showing two-year changes (2022–2024) across a consistent set of properties, offering insight into trends in student housing operating performance.

    • What’s Included?
  • Topline analysis by NMHC’s Research Department, including breakdowns by region, state, property size, type, age and distance from campus.
  • Comprehensive Excel data for custom benchmarking and analysis.
  • Comparative performance trends between 2022 and 2024 for same-store properties.

    • Key findings from this year's report:
  • Net rental income grew by a median of 13.4% from 2022–2024 among same-store properties.
  • Net rental income was highest in newer, high-rise properties and in the Northeast and Pacific regions.
  • Property taxes were lowest in the Mountain region, while operating expenses were highest in small and high-rise properties.
  • Properties with higher vacancies tended to spend more on concessions and marketing.
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