Four-Bedrooms Popular in Student Housing
Digested from Axiometrics
While four-bedrooms are most popular, rents for that floorplan have decreased. Find out which floorplan has seen the largest increases.
While four-bedroom apartments are almost unheard of in conventional market-rate apartments, the four-bedroom design is the most popular floorplan in student housing, Axiometrics’ Alma Pena writes.
That demand is driven in the South. Out of the 193,000 new beds built in the region since 2011, Axiometrics says 101,000 beds have been four-bedroom layouts. In the same timeframe, Midwestern colleges have received 63,000 new beds overall. Almost half, 30,000, have been in four-bedroom units. The Mountain region has seen 29,000 units come online since 2011 and 13,000 of those have been in four-bedroom units.
Schools in the Pacific Northwest added 25,000 beds and those in the Northeast added 22,000 beds since 2011. Both of those regions saw around 10,000 four-bedrooms come online in that timeframe.
As the number of four-bedrooms units increased, prices for these floorplans have decreased.
“Four-bedrooms floor plans averaged $774 per bed in fall 2017, while five- and six- bedroom units averaged $771 and $761, respectively,” Pena writes. “On average, national effective rent for the four-bedroom units – the most developed student housing floor-plan type for the past several years – was about $400 less per month than studio and one-bedroom units, and about $100 less per month than the two- and three-bedroom floor plans.”
While rents are falling for four-bedrooms, one-bedrooms enjoy the highest rents in all five regions (followed by studios).
“In the Northeast, effective rent for the one-bedroom student housing floor plan averaged the highest at $1,527 per month, compared to a $872 average for a three-bedroom – the floor plan type with the lowest average rate – in the same region,” Pena writes.