As universities welcomed students back in August, preleasing at Yardi 200 schools reached 92.9%, 20 basis points ahead of August 2023. Thirty-five schools had attained 99% preleased, while 35 were still under the 85% mark.
According to Yardi Matrix’s National Student Housing Report, preleasing had been strong up through April when slowed student aid processing issues impacted enrollment growth, particularly at state schools.
The average asking rent in August decreased $5 from July to $892. While rent growth was at 7% earlier in the leasing season, it decelerated to 4% in August. However, that was still 4% higher than the same month the previous year.
So far in 2024, student housing transaction volume has paced with 2023. Fifty-six properties with 26,000 beds have sold at Yardi 200 schools at an average price per bed of $77,000. Year to date, sales volume trails the previous five-year average of 86 properties with 46,500 beds.
According to Yardi Matrix, it projects 41,432 beds to be delivered nationally in 2024, a 5% decline from last year’s total. After this year, it anticipates annual supply will drop below the long-term average of 40,000 beds delivered.
Five student housing developers share their latest top-of-the-class developments that have delivered for the 2024-25 academic school year.
The 87
Toll Brothers Campus Living, a division of leading home builder Toll Brothers, and joint-venture partner HSRE have opened a new off-campus apartment development in South Bend, Indiana. The 87, which is near the campuses of the University of Notre Dame, Holy Cross College, and St. Mary’s College, features 335 apartments and townhomes with 810 beds.
The development, which started construction in September 2022, was financed with a $91 million construction loan from Centier Bank.
“The 87 offers today’s students a living experience that blends upscale design, luxury amenities, and modern conveniences,” said Richard Keyser, vice president of acquisitions and development for Toll Brothers Campus Living. “We’re delighted to open The 87, which represents our continued commitment to developing student communities that combine the flexibility of off-campus living with proximity to campus life at growing and prestigious colleges and universities.”
The 87 comprises a mix of fully furnished studio to four-bedroom units, with each featuring modern furniture, 55-inch smart TVs, and en-suite private bathrooms for each bedroom. Other upscale features include stainless steel appliances, in-unit washers and dryers, quartz countertops, and keyless entry. Some residences also include oversized closets and kitchen islands.
Designed by KTGY, amenities are designed to foster connections and nurture academic success. Students have access to tech-enabled study lounges with private seating options, a content creation studio, and a social lounge and coffee bar. Other features include the All Pro Lounge with four large-screen TVs as well, a golf and sports simulator, and a double-height fitness center with strength and cardio equipment. Outdoors, students can enjoy multiple courtyards with grills, fire pits, hammocks, and yard games.
In addition, the community honors the University of Notre Dame’s legacy by incorporating photos and memorabilia throughout.
ōLiv Madison
Vertically integrated Core Spaces has delivered ōLiv Madison near the University of Wisconsin-Madison. The 10-story, 386-unit building comprises 1,101 beds in studio and five-bedroom floor plans.
According to the developer, the community offers high-design interiors inspired by the warmth of Wisconsin cabins and refined finishes. Students have access to a top-of-the-market amenity package, including a rooftop sundeck with a pool, a hot tub, a spa and sauna, a fitness center, co-working spaces, a private study room, and a New Here coffee shop. The mixed-use development also features bars and restaurants on the ground floor.
“Madison holds a special place for us, and we’re excited to return with another iconic location near campus. ōLiv Madison sets a new benchmark for off-campus living—seamlessly blending into the local community while addressing the growing demand for housing in one of the nation’s fastest-expanding college markets,” said Austin Pagnotta, director of student housing acquisitions at Core Spaces.
In an effort to address the need for affordable student housing, Core Spaces and the city of Madison partnered to implement a program where 10% of the beds are offered at a 40% discount to market rates. Through this program, 112 beds are reserved for students who qualify.
Development partners include architect Antunovich Associates, interior design firm Studio K, and general contractor Treehouse Builders.
“We’ve taken great care to preserve downtown Madison’s rich social and cultural history by integrating elements of the site’s original architecture into our modern, sustainable design,” added Pagnotta. “With ōLiv Madison, we’re not just adding beds; we’re creating a high-quality, centrally located living experience for students that will add value to the city for years to come.”
Rambler Athens
Multifamily and student-oriented real estate developer LV Collective’s Rambler Athens welcomed University of Georgia students in early August.
The community is just northwest of campus with easy access to historic downtown Athens. It comprises 342 studio to five-bedroom units with 750 beds.
“We’re thrilled to bring our curated, experience-based student housing to University of Georgia students,” said LV Collective CEO David Kanne. “With a prime location, thoughtful design, and resort-style amenities, we set the bar high and are eager to show Athens all that Rambler has to offer.”
Rambler Athens starts with an inviting lobby that has a boutique hotel feel. With students in mind, the second-floor mezzanine includes private study spaces as well as collaborative conference rooms. Students have access to the courtyard’s resort-style pool, a hot tub, fire pits, a grilling area, and a jumbotron. A fitness center is equipped with cardio machines, weightlifting equipment, an artificial turf area, a yoga studio, and two saunas. The pet-friendly community also features a dog spa.
Daydreamer Café, the on-site coffee shop, serves espresso drinks, coffee, tea, and pastries.
Partners on Rambler Athens include Niles Bolton Architecture, Krywicki Interior Design, and Rabren General Contractors.
The Standard at Eugene
Fully integrated real estate firm Landmark Properties debuted its first student housing community near the University of Oregon and its second in the state. The Standard at Eugene is a 703-bed, 247-unit development steps from campus and a quick walk to downtown Eugene and the Market District.
Floor plans include a mix of studio to five-bedroom units. Pre-wired for high-speed internet and cable, the furnished apartments feature stainless steel appliances, quartz countertops, hardwood-style flooring, and in-unit laundry. Students also have access to resort-style amenities, such as a rooftop swimming pool, a jumbotron, grilling areas, hammocks, and cabanas. Inside, they can take advantage of a fitness center with an indoor rock climbing wall and other wellness features; an academic lounge and private study rooms; a resident club and game room; and on-site parking.
“It’s important that the University of Orgon’s student body of nearly 24,000 undergraduate and graduate students has access to off-campus housing proximate to campus that sets them up for personal and educational success,” said Landmark Properties president and CEO Wes Rogers. “I’m appreciative of the construction and property management teams that have delivered this project on-time and fully leased for the fall term.”
The seven-story building was designed by Ankrom Moisan Architects, and Landmark Construction, the in-house construction arm of Landmark Properties, served as general contractor.
Landmark Properties delivered The Retreat at Corvallis near Oregon State University in fall 2015. It also is the third-party manager for Sierra Student Apartments, also near Oregon State.
VERVE Madison
Student housing and multifamily real estate firm Subtext and Harrison Street, a leading investment management firm, have opened VERVE Madison, a 12-story housing community just blocks from the University of Wisconsin-Madison. The development was 100% leased and reached its pre-leasing goal for the academic year early in the lease-up process.
VERVE Madison features 142 fully furnished one-, two-, three-, four-, and five-bedroom apartments with 536 beds. It offers 100% bed and bath parity, which is a competitive offering in the market, according to the development team. Apartments include high-speed internet; controlled access; and designer finishes such as modern black accents, energy-efficient stainless steel appliances, and quartz countertops with tile backsplashes. Select premium units include closet upgrades, signature lighting enhancements, and private patios with hot tubs.
Students have access to 10,000 square feet of amenities, including a multipurpose turf and game zone, a state-of-the-art fitness center with a sauna, a courtyard with outdoor grilling and fire pit lounging, and ample study areas. The rooftop features a pool, a hot tub, cabanas, views of Lake Mendota and Lake Monona, and over 6,500 square feet of prairie-style green roof pollinator gardens. The building is also Fitwel certified, with students’ health and well-being prioritized in the design.
“From the beginning, the design goal for VERVE Madison was to elevate the off-campus student living experience from previously built projects between the university and the Capitol,” said Neal Reardon, partner at ESG Architecture & Design. “The goal was to enhance amenity offerings and to create a modern, yet sophisticated design aesthetic that brought a new perspective to student living in Madison.”
Additional partners in VERVE Madison include general contractor Stevens Construction Corp., civil engineer JSD Professional Services, and landscape architect Damon Farber. Harrison Street served as the lead investor, and Old National Bank is the lender.
