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  • Alex Pettee, CFA

Student Housing: Mask On, Mask Off

  • American Campus Communities - along with the broader student housing sector - hope for a swift rebound in occupancy this academic year as students at flagship universities return to campus.

  • Two steps forward, one step back. The recent reacceleration in worldwide COVID cases - and resulting "public health" mandates - threaten to delay the complete return of in-person learning.

  • Tale of two Americas: ACC's focus on highly-selective flagship universities across Sunbelt markets - most of which offered in-person classes throughout the pandemic - has proven to be especially critical.

  • ACC reported encouraging Q2 results this week as pre-leasing accelerated significantly to 91.7% for the upcoming year while NOI growth surged 11.6% and its critical Disney development remains on track.

  • While apparent near-term and longer-term risks remain for the student housing asset class, valuations now appear fairly attractive given the robust strength across the broader multifamily housing sector.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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Hoya Capital Research & Index Innovations is an affiliated index provider and research firm that builds custom indexes tracking U.S. commercial and residential real estate sectors, including indexes tracked by exchange-traded funds (ETFs). 

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