**Student Housing Operators Grow Rental Income by 13.4%, NMHC Reports**
Net rental income for student housing properties increased by a median of 13.4% from 2022 to 2024, according to the newly released 2025 Student Housing Income and Expense Survey by the National Multifamily Housing Council (NMHC). The survey highlights that income growth was strongest among newer, high-rise properties, particularly in the Northeast and Pacific regions.
Covering 719 properties and 400,224 beds across 44 states, the survey revealed several regional and property-type distinctions. Property taxes were found to be lowest in the Mountain region, while operating expenses peaked among smaller and high-rise buildings. Additionally, properties with higher vacancy rates reported increased spending on concessions and marketing, suggesting a direct link between occupancy and operational expenses.
NMHC’s chief economist, Chris Bruen, emphasized the ongoing value of the survey. “The NMHC Student Housing Income and Expense Survey continues to serve as a valuable benchmark against which student housing lenders, investors, owners, and managers can measure their financial performance,” Bruen said. “Moreover, the report’s analysis of two-year changes in select line items offers a unique window into the industry’s evolving financial landscape.”
*Pictured: Vie Towers, Hyattsville, MD.*
