Analyzing Student Housing Markets in the Southeast USA
ApartmentsFor has a unique “finger on the pulse” of the student housing market in six major University towns across the Southeast. Our business gives us a unique top-down perspective of the markets we serve, giving our team the ability to provide valuable insights to our partners and apartment investors. As we approach move-in for Fall 2024, here’s an update on what we’re seeing in the college markets we serve:
Student Housing Price per Bed
With each state and further, each city, providing a drastically different lifestyle to renters and students, the average price per bed varies significantly across key markets in the Southeast. Orlando, FL, tops the list with an average of $1,059 per bed, reflecting its status as a major tourist hub and educational center. 407apartments serves conventional housing and student apartments near UCF, but this high price per bed reflects that Orlando is not done growing! Tampa, FL, follows closely at $1,072 per bed, driven by its appeal as a vibrant urban environment and idyllic beachside location. Conversely, Athens, GA, offers more affordable options at $920 per bed, catering to students seeking cost-effective housing near the University of Georgia.
Total Beds and Enrollment
Understanding the scale of student housing provision and enrollment figures provides crucial context for market dynamics. Tallahassee, FL, boasts the largest inventory with 35,768 total beds, serving a robust student population of 51,299. With FSU apartments, FAMU apartments, and TSC apartments all in Tallahassee, there’s no wonder it’s student housing market is ready to boom. Orlando, with 28,590 beds, accommodates a staggering enrollment of 68,839 students, highlighting it’s not only offering UCF apartments, but also Full Sail University housing. Comparatively, Tuscaloosa, AL, offers 15,449 beds for its 39,623 students, indicating a slightly tighter housing market.
Influence on Student Renter Behavior
These differences profoundly influence student renter behavior. In competitive markets like Orlando and Tampa, where rents exceed $1,000 per bed, students often prioritize proximity to campus and amenities, potentially compromising on living space to stay within budget. Conversely, in more affordable markets such as Athens and Tuscaloosa, students may have the luxury of choosing larger accommodations or living closer to areas like Downtown Tuscaloosa and Five Points without stretching their budgets.
Market Competitiveness and Growth
In terms of competitiveness, markets like Orlando and Tampa emerge as highly competitive due to their large student populations and relatively high rental costs. The constant influx of students and limited housing options for all renters in these cities intensifies competition, often resulting in early leasing and higher rental rates. Surprisingly, finding an apartment near the University of Alabama can be quite a challenge as well. Students often start their search for Fall housing the October before!
Conversely, markets like Gainesville, FL, and Athens, GA, while competitive, offer a balance of affordability and quality living options. These markets are also notable for their steady growth. Gainesville, with 34,585 beds and Athens, with 18,619 beds, cater effectively to their respective student populations while experiencing moderate growth in housing developments to meet increasing demand. In Gainesville students can find apartments near the University of Florida for reasonable rates if they are willing to compromise on square footage, amenities, or roommates. UGA housing is more expensive walking distance to campus, but there are plenty of spacious apartments available around town.
Navigating the student housing landscape in the Southeast USA requires a nuanced understanding of market dynamics, pricing trends, and enrollment figures. Whether students seek bustling urban environments like Orlando and Tampa or prefer the collegiate atmosphere of Athens and Gainesville, ApartmentsFor remains committed to equipping students with the insights needed to secure suitable accommodations that align with their personal preferences and expert guidance to facilitate informed housing decisions.