Market Intelligence: Student Housing Fall Update
Fall 2026 leasing started slower than any season in a decade and still finished strong, and total enrollment is up again. By the numbers operators watch day to day, this was a good year.
Most of what's changing sits outside those numbers. Endowment taxes and research cuts have universities admitting smaller graduate classes. Grad PLUS ended in July, so a master's student can borrow far less and afford less rent. International enrollment is falling, and a four-year cap on F-1 status takes effect the day of this webcast. High school graduates peaked last year, small-college closures are hitting their peak, AI is pulling students away from the majors that fill purpose-built beds, and college towns are fighting new development in the markets everyone wants. Investors have already moved: cap rates are roughly 50 basis points wider than a year ago, and cross-border buyers have all but disappeared.
Join Arben Skivjani, Deputy Chief Economist at RealPage, and Adam Couch, Market Analyst at RealPage, as they sort out what's already priced in and what isn't.
RealPage's market experts will break down:
- Final Fall 2026 pre-lease occupancy, rent growth and pricing power by market
- Graduate demand under pressure from enrollment cuts, borrowing caps and visa rules
- Where the demographic cliff bites first, and where it doesn't
- The enrollment pattern that shows up years before a college closes
- AI's pull on what students choose to study, and the beds that never materialize
- Zoning fights, live-on requirements and other constraints in the strongest markets
- Cap rates, values and a buyer pool that has changed shape
If you're underwriting deals, setting rents or planning for next fall, this session will tell you which numbers to trust.
Arben Skivjani serves as a Deputy Chief Economist and Data Scientist for RealPage, Inc. His primary focus is on forecasting and econometric modeling, economic impact studies, reporting and analysis of macroeconomic trends that affect the multifamily industry. Prior to joining RealPage, Arben worked for several government and private sector entities, including the District of Columbia Department of Employment Services, Center for Business and Economic Development at the University of Alabama and Camoin Associates in Upstate New York.
Arben is heavily involved in the Dallas/Fort Worth Association for Business Economics where he currently serves as Vice President and is a member the National Association for Business Economics.
Arben holds a master’s degree in economics from The University of Alabama.
Adam Couch
Research Analyst, RealPage, Inc.Adam Couch specializes in residential housing research and advanced analytics, with a focus on risk assessment, emerging trends, capital markets, and demographic shifts across the multifamily sector. He develops forward‑looking research into strategic recommendations that guide executive decision‑making across investment, portfolio strategy, and operations through market cycles and changing economic conditions. Adam has spoken at commercial real estate conferences, been cited in The Dallas Morning News, and previously advised Fannie Mae on multifamily asset management strategy.
