作者：三马3ma
今早第二个讲座是Yardi Matrix 学生公寓讲座，重点分享如下：
今早第二个讲座是Yardi Matrix 学生公寓讲座，重点分享如下：
- 2020 fall pre leasing is only tracking 3% lower than 2019，not too shabby
- Universities are struggle financially
- overall student population will stay flat until 2050
- tuition cost spiked up 33% Since 2010, 5X CPI
- off campus housing is not much cheaper，but better quality than some old dorms
- farther away，shadow inventory competing with core and dedicated student housing，64% market share
- shake up by the pandemic，State Govt fiscal impact greater，South and west and midwest fair better，West except CA
- International student enrollment will trend down，and students prefer to attend U closer to home
- Students ask for refund，State budget cut，college expenses increase，so weaker U tough to survive and top and stronger ones will benefit as consolidation. So check on U financial health and enrollment before deciding on where to invest
- Fall 2020 62% U still plan in-person，25% hybrid
- Reduced dorm capacity due to less students in each unit，meaning need for off campus units increased
- Student housing is recession proof，not Pandemic proof，but has resistance to pandemic，due to students overwhelming desire to return to on-campus life and experiences
- Not expecting to see massive distressed sales，selective opportunities might present by end of year
- Class C off campus have the most distressed opportunity
- Cap rate will hold steady due to risk premium drops as interest rate fall to zero
- This pandemic could be 1 year hit，longer term future bright and guarded optimistics