New York City — American Campus Communities (ACC) and EdR have announced interim leasing progress for the fall in conjunction with the NAREIT Conference this week in New York.
EdR’s same-community portfolio is currently 88.5 percent leased, compared to 89.5 percent leased this time last year. The company is increasing its projected rent growth by 20 basis points to approximately 3.4 percent. The decrease in velocity was experienced in the company’s strongest community group, tier three, which stabilizes each year above 97 percent, and is currently preleased at 94 percent.
As of June 3, ACC’s same store, wholly owned portfolio was 92 percent applied for and 85.8 percent leased, compared to 92.2 percent applied for and 85.6 percent leased this time last year. The company’s new wholly-owned properties are 75.4 percent leased, bringing the total wholly owned portfolio to 85.4 percent leased.