Washington, D.C. — Third annual survey compares operating costs.
Washington, D.C. — The National Student Housing Council (NSHC), a subsidiary of the National Multi Housing Council (NMHC), has released a study measuring income and expenses for off-campus student housing properties. The 2012 Off-Campus Student Housing Income and Expense Survey was designed to assist student housing owners and operators in comparing operating costs against those of their peers.
The third annual survey provides data on 370 properties from 25 companies in 46 states. The 132- page survey also includes select regional results and state-level data for Alabama, Florida, Georgia, Indiana, Michigan, North Carolina, Ohio and Texas.
Some of the main data points collected and evaluated include net rent, taxes, turnover, utilities, late-fee income, operating expenses, maintenance and repairs, compensation, insurance and marketing.
Properties that lease by the bed reported earning less per bed in rental income and spending larger percentages of their rental income on operating expenses than properties that lease by the unit, which differs from prior studies. The survey also found that late-fee income varied significantly depending on property type. A mid- to high-rise property leased by the bed collected between $13.41 to $110.61 per bed, where garden style properties that leased by the unit collected $22.26 to $114.26 per bed. A property's location also factored into late-fee income averages.
For details and to purchase a copy of the report, which will be complimentary to all attendees at the upcoming NMHC Student Housing Conference & Exhibition Oct. 1-2 in Phoenix, visit www.nmhc.org.