Strong Pre-Leasing Numbers This Spring
Digested from Real Page
Over the previous three years, the March to April pre-lease velocity rose anywhere from seven to nine percent. This April beat those numbers.
Pre-leasing for student housing surged to nearly 10 percent in April, which took overall pre-leasing to 69.3 percent for 2019. Over the previous three years, the March to April pre-lease velocity rose anywhere from seven to nine percent.
“The latest momentum pushed 2019’s pre-lease rate in April ahead of 2018’s number, as April 2018 saw 68 percent of purpose-built student housing stock pre-leased,” wrote RealPage’s Carl Whitaker. “And while the fall 2019 rate still comes below the fall 2017 number [71.4 percent], the upwards trend from last year is certainly an encouraging development.”
The schools with the most pre-leased beds are The University of Georgia (88.7 percent of student beds already leased for the fall 2019 semester), Indiana University (87.1 percent), Pennsylvania State University (86.9 percent), University of Central Florida (85.2 percent) and Clemson University (69.3 percent).
“Interestingly, most of those top five were anywhere from zero to 10-percent pre-leased in October,” Whitaker wrote. “But properties at Clemson University obviously placed heavy emphasis on pre-leasing very early in the year, as over 40-percent of its purpose-built beds were under agreement by October. Additionally, each of the top five for pre-leasing in April posted rates above their April 2018 levels, with the exception of the University of Central Florida.”