Austin, Texas — Austin-based American Campus Communities has released an interim leasing update for the 2017-2018 academic year.
As of June 2, the company’s same store wholly-owned portfolio was 92.2 percent applied for and 86.7 percent leased compared to 93.5 percent applied for and 86.8 percent leased for the same date last year, with a 2.9 percent current projected rental rate increase over in-place rents. The company’s 10 wholly owned development projects scheduled to open in fall 2017 are 68.6 percent leased.
“With 13 percent of our beds left to lease for the upcoming academic year, the 2017 lease-up is progressing well and meeting our expectations to-date,” says Bill Bayless, American Campus Communities CEO. “As we enter the leasing homestretch, we are well positioned to again produce attractive revenue growth for the upcoming academic year.”