NMHC Issues Income/Expense Benchmarking Survey for Student Housing Sector


>WASHINGTON, DC – October 5, 2011 – (RealEstateRama) — The National Multi Housing Council’s National Student Housing Council (NSHC) today released its 2011 income and expense benchmarking survey, the only such survey specifically targeting the growing off-campus student housing sector.

The 108-page report, Off-Campus Student Housing: 2011 Income and Expense Benchmarking Survey, greatly expands on the 2010 survey, adding enhanced regional information and coverage of nine key states (Alabama, Arizona, Florida, Georgia, Illinois, Indiana, North Carolina, Ohio and Texas).

It provides information on total operating expenses as a percent of net rent and on a cost-per-bed basis shown in absolute dollar figures.  In addition to total operating expenses, it provides information on several selected operating expense line items: compensation; maintenance and repair; taxes; insurance; marketing; turnover and utilities.  Data on net rental income and late fee income are also included.

The results are based on data from 341 properties in 32 states covering nearly 200,000 beds.  Data are further broken out to show results for properties that lease by-the-bed versus by-the-unit, for garden-style versus mid- to high-rise properties and by property age.  All results are given for properties in the 10th, 50th and 90th percentiles.

“For years, off-campus student housing lenders and investors suffered from a lack of operating data” said Jim Arbury, NMHC’s Vice President of Student Housing.  “This research report bridges that gap and has been highly demanded by lenders and investors.”

According to the 2011 report, on average, student housing properties spend 54% of their rental income on total operating expenses.  Of that, 12% is spent on compensation, 5% is allocated to maintenance and repairs, 11% goes to taxes and insurance and 11% covers utilities.  Interestingly, these ratios do not vary much between garden-style properties and mid- to high-rise properties.

Attendees at NMHC’s annual Student Housing Conference & Exposition received a complimentary copy of the report.  It is also available for purchase for $750 for NMHC and National Apartment Association (NAA) members, $1,500 for non-members.

A package of all nine NMHC student housing research reports, including reviews of on-campus housing costs, what students want, enrollment trends, rent growth and more, is available for $1,700 for NMHC/NAA members and $2,500 for non-members.

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The National Student Housing Council (NSHC) is a subsidiary of the National Multi Housing Council (NMHC).  The NSHC is comprised of the leading private, off-campus student housing developers, owners, lenders, brokers and related service providers.  Its mission is to encourage information exchange and conduct research to help inform investment decisions and further best practices.  NSHC is a subsidiary of the National Multi Housing Council (NMHC).  Based in Washington, DC, NMHC is a national association representing the interests of the larger and most prominent apartment firms in the U.S.  NMHC’s members are the principal officers of firms engaged in all aspects of the apartment industry.  For more information, contact NSHC at 202/974-2300, e-mail the Council at ">, or visit NSHC’s web site at www.nmhc.org/goto/StudentHousing.

Michael Tucker, 202/974-2360,

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