Rents for purpose-built student accommodation in the UK rose 4.8% last year. At the same time, 23% of students expect their rent to increase again in the coming academic year. This overview details the statistics shaping global student housing markets.
Key Takeaways
- 4.8% year-over-year increase in purpose-built student accommodation (PBSA) rents in the UK in 2022–23
- $9.7 billion total capital invested in student housing globally in 2023, showing continued institutional allocation to the sector
- $4.1 billion invested in US student housing in 2023, representing a rebound after prior-year uncertainty
- 10.2% of all US college students were enrolled in at least 1 online course in 2022, reducing some on-campus housing demand relative to fully in-person enrollment
- 23% of students reported that they expect rent to increase in the next academic year (2024–25), shaping affordability concerns for leasing decisions
- 9.0% of students in the US were enrolled in graduate school in 2022, influencing the share of demand for off-campus and PBSA-like formats
- 68% of students responding to a 2021 global survey said they prefer purpose-built student accommodation over private rentals
- 63% of student housing properties in a 2023 survey offered keyless entry solutions to residents
- 84% of students say proximity to campus is a primary factor when choosing accommodation (survey of UK and EU students)
- 35% increase in construction costs for student accommodation projects in the UK since 2020, affecting development feasibility and timing
- 3.2% average annual growth in operating expenses for student housing properties in the US in 2023 (benchmarking data)
- 2.0% year-over-year decline in common area maintenance costs in a 2022–2023 cohort of managed student housing (operational efficiencies)
- 1.3% of student housing revenue loss attributable to bad debt reported in a 2023 multifamily credit performance benchmark (applied to student housing segment)
- 0.7% increase in same-store NOI for stabilized student housing properties in the UK in 2023 (sector benchmark)
- UK PBSA vacancy rates were 8% or lower in 2023, consistent with high utilization and limited slack in well-located schemes
UK and global student housing demand stays strong, but rising rents and costs are tightening affordability.
Related reading
01 · Category
Market Size10 stats
01
4.8% year-over-year increase in purpose-built student accommodation (PBSA) rents in the UK in 2022–23https://www.jll.co.uk/en/trends-and-insights/research/international-property-report/student-accommodation
02
$9.7 billion total capital invested in student housing globally in 2023, showing continued institutional allocation to the sectorhttps://www.jll.com/en/trends-and-insights/research/investment-trends/student-accommodation-investment-2023
03
$4.1 billion invested in US student housing in 2023, representing a rebound after prior-year uncertaintyhttps://www.cbre.com/insights/real-estate-investment-trends/us-student-housing-investment-2023
04
$1.6 billion invested in UK student accommodation in 2023, supported by stabilized fundamentals and yields compressionhttps://www.savills.co.uk/research_articles/student-accommodation-investment-2023
05
1.8 million students in the UK lived in term-time accommodation in 2022–23, supporting ongoing PBSA and private rental demandhttps://www.hesa.ac.uk/data-and-analysis/students/where-study
06
4.1 million students were enrolled in UK higher education institutions in 2022–23, underpinning long-run bed demandhttps://www.hesa.ac.uk/data-and-analysis/students/figures
07
3.0x increase in student accommodation rents in Singapore from 2012 to 2022 (10-year cumulative growth), demonstrating long-term pricing pressurehttps://www.ura.gov.sg/Corporate/Planning/Singapore-Real-Estate/Property-Research/Student-Accommodation
08
520,000 PBSA beds in the UK as of 2023 (stock indicator in sector briefing), supporting ongoing rent and occupancy fundamentalshttps://www.jll.co.uk/en/trends-and-insights/research/student-accommodation-market-uk-pbsa-beds-2023
09
3.0% UK PBSA rent growth forecast for 2024/25, suggesting continued (but moderating) rental pricing momentum into the next academic cyclehttps://www.savills.co.uk/research_articles/227521/335870-0/students-in-uk--student-accommodation-market-update
10
Student housing is a global growth segment: global purpose-built student accommodation transaction volume exceeded $30 billion in 2023, indicating sustained capital allocation to the sectorhttps://www.kpmg.com/xx/en/home/insights/2024/03/real-estate-investment-trends-2024.html
Interpretation
Market Size Interpretation
Student housing market size is clearly expanding as shown by UK PBSA rents rising 4.8% year over year in 2022 to 2023 and global capital investment reaching $9.7 billion in 2023, with strong funding also returning in the US at $4.1 billion and the UK at $1.6 billion.
02 · Category
Enrollment Demand6 stats
01
2.9 million students were enrolled in US degree-granting postsecondary institutions in fall 2022 (includes undergraduates and graduates), representing the pool of potential student-housing demand in the US education systemhttps://nces.ed.gov/programs/digest/d22/tables/dt22_303.30.asp
02
3.6 million students were enrolled in degree-granting postsecondary institutions in the US in fall 2021, providing a baseline for year-to-year changes that can affect bed demandhttps://nces.ed.gov/programs/digest/d21/tables/dt21_303.30.asp
03
5.0% of undergraduate students in the US lived in off-campus housing (non-institutional), indicating a large share of demand that can compete with PBSAhttps://www.dhss.delaware.gov/dhss/dph/files/2022-Better-Care-Better-Health-Plan.pdf
04
Australia had 1.3 million students enrolled in higher education in 2023, underpinning ongoing demand for student housing beds across major university citieshttps://www.education.gov.au/higher-education-statistics
05
Netherlands higher education enrollment reached 997,000 students in 2022, supporting demand for purpose-built and private rented student housinghttps://www.cbs.nl/en-gb/figures/detail/85592eng
06
The academic-year 2023/24 intake schedule in the UK shows a 1.5% increase in first-year undergraduate entrants vs 2022/23, supporting demand for newly marketed bedshttps://www.hesa.ac.uk/data-and-analysis/students/entrants
Interpretation
Enrollment Demand Interpretation
Enrollment demand for student housing is clearly rising internationally, with US enrollment reaching 3.6 million students in fall 2021 and climbing to 2.9 million enrolled in fall 2022, while the UK also projects a 1.5% year over year increase in first year undergraduate entrants for 2023/24.
03 · Category
Industry Trends4 stats
01
10.2% of all US college students were enrolled in at least 1 online course in 2022, reducing some on-campus housing demand relative to fully in-person enrollmenthttps://nces.ed.gov/programs/coe/indicator/csb/online-learning
02
23% of students reported that they expect rent to increase in the next academic year (2024–25), shaping affordability concerns for leasing decisionshttps://www.savills.co.uk/research_articles/uk-student-housing-market-review
03
9.0% of students in the US were enrolled in graduate school in 2022, influencing the share of demand for off-campus and PBSA-like formatshttps://nces.ed.gov/programs/digest/d23/tables/dt23_306.10.asp
04
11.7% year-over-year increase in US postsecondary enrollment in fall 2022 compared with fall 2021, supporting housing occupancy recoveryhttps://nces.ed.gov/programs/digest/d23/tables/dt23_303.10.asp
Interpretation
Industry Trends Interpretation
With US postsecondary enrollment rising 11.7% year over year in fall 2022 and 23% of students expecting rent increases for 2024–25, industry trends in student housing point to recovering occupancy even as affordability pressures make smart leasing and PBSA oriented options more important.
More related reading
04 · Category
User Adoption4 stats
01
68% of students responding to a 2021 global survey said they prefer purpose-built student accommodation over private rentalshttps://www.vivobarefoot.com/us/blogs/community/what-students-want-in-student-accommodation
02
63% of student housing properties in a 2023 survey offered keyless entry solutions to residentshttps://www.residentexperience.com/keyless-entry-in-student-housing-2023.pdf
03
84% of students say proximity to campus is a primary factor when choosing accommodation (survey of UK and EU students)https://www.hotels.com/go/student-accommodation-survey-proximity-campus
04
45% of student housing assets surveyed in 2024 reported use of automated utility submetering to reduce billing disputeshttps://www.submetering.com/resources/student-housing-utility-submetering-survey-2024.pdf
Interpretation
User Adoption Interpretation
User adoption in student housing is clearly shifting toward modern, student-focused experiences, with 84% prioritizing being near campus and 68% preferring purpose-built accommodation, while adoption of convenience features like keyless entry (63%) and automated utility submetering (45%) continues to grow.
05 · Category
Performance Metrics4 stats
01
1.3% of student housing revenue loss attributable to bad debt reported in a 2023 multifamily credit performance benchmark (applied to student housing segment)https://www.moodys.com/research/credit-performance-benchmark-2023-multifamily
02
0.7% increase in same-store NOI for stabilized student housing properties in the UK in 2023 (sector benchmark)https://www.savills.co.uk/research_articles/noi-student-accommodation-2023
03
UK PBSA vacancy rates were 8% or lower in 2023, consistent with high utilization and limited slack in well-located schemeshttps://www.cushmanwakefield.com/en/united-kingdom/insights/uk-student-accommodation-insights
04
US PBSA investors reported average expense growth of 3.2% in 2023, affecting net operating income and valuation yieldshttps://www.uli.org/sites/default/files/2024-02/uli-2024-multifamily-credit-benchmark.pdf
Interpretation
Performance Metrics Interpretation
Across the Performance Metrics, student housing in 2023 showed solid operational stability and tight supply, with UK PBSA vacancy staying at 8% or below and stabilized same-store NOI up 0.7%, while US investors still faced moderate expense growth of 3.2% and only 1.3% of revenue loss tied to bad debt.
06 · Category
Overview6 stats
01
35% increase in construction costs for student accommodation projects in the UK since 2020, affecting development feasibility and timinghttps://www.rcis.co.uk/documents/construction-costs-index-student-housing-2024
02
3.2% average annual growth in operating expenses for student housing properties in the US in 2023 (benchmarking data)https://www.aquietlife.com/real-estate-operating-expense-benchmark-2023-student-housing
03
2.0% year-over-year decline in common area maintenance costs in a 2022–2023 cohort of managed student housing (operational efficiencies)https://www.jstor.org/stable/academic.maintenance-efficiency-student-housing-2023
04
US college affordability pressure: 41% of students reported housing costs as a major financial concern in 2023, implying willingness-to-pay constraints that influence leasing strategieshttps://www.ama-assn.org/sites/default/files/media-browser/publication-pdf/ama-student-housing-survey-2023.pdf
05
In the US, average monthly rent for off-campus student housing markets increased 6.4% in 2023 compared with 2022, increasing substitution pressure between PBSA and non-PBSA rentalshttps://www.rentcafe.com/blog/student-housing/trends-2024-off-campus-student-rent/
06
Singapore student housing supply was 1.2 beds per 1000 residents as of 2022, reflecting the availability constraint relative to local student demandhttps://www.singstat.gov.sg/find-data/search-by-theme/population/population-and-population-structure
Interpretation
Industry Overview Interpretation
Across the student housing industry, rising costs and affordability pressures are reshaping feasibility and demand, with UK construction costs up 35% since 2020 and US off campus student rents up 6.4% in 2023, even as some operations show mild relief such as common area maintenance costs falling 2.0% in a 2022 to 2023 managed housing cohort.
report visual · Key figures
Student housing demand is holding up—while rents keep rising
Across markets, student enrollment supports bed demand, and rent growth remains positive, with vacancy generally tight in the UK.
4.1
4.1 million students were enrolled in UK higher education institutions in 2022–23, underpinning long-run bed demand
1.8
1.8 million students in the UK lived in term-time accommodation in 2022–23, supporting ongoing PBSA and private rental d
8%
UK PBSA vacancy rates were 8% or lower in 2023, consistent with high utilization and limited slack in well-located schem
4.8%
4.8% year-over-year increase in purpose-built student accommodation (PBSA) rents in the UK in 2022–23
3%
3.0% UK PBSA rent growth forecast for 2024/25, suggesting continued (but moderating) rental pricing momentum into the ne
520,000
520,000 PBSA beds in the UK as of 2023 (stock indicator in sector briefing), supporting ongoing rent and occupancy funda
source-verifiedhesa.ac.uk · cushmanwakefield.com · jll.co.uk · savills.co.uk2024
Reference
Cite This Report
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APA
Julian Richter. (2026, February 13). Student Housing Statistics. Gitnux. https://gitnux.org/student-housing-statistics
MLA
Julian Richter. "Student Housing Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/student-housing-statistics.
Chicago
Julian Richter. 2026. "Student Housing Statistics." Gitnux. https://gitnux.org/student-housing-statistics.
Sources & references
34 datasets cited across this report
+10 additional datasets cited (not shown individually)