Business Wire·Jul 14, 2026, 6:30 PM ET

Walker & Dunlop Reports Student Housing Poised for New Investment Cycle as Demand Holds Strong

Walker & Dunlop released its 2026 Student Housing Outlook, predicting a new investment cycle driven by strong preleasing, resilient enrollment, & slowed construction.
The purpose-built student housing market is shifting from record growth to a fundamentals-driven phase as investors seek durable cash flow & long-term demand.
Undersupply persists across most major university markets, prompting investors to target campuses with sustained enrollment growth & favorable demographics.
National preleasing reached 71.6%, a 2% year-over-year increase, while fall 2025 enrollment rose 1.8% to 4.9 million students.
Investor demand remained resilient with national student housing transaction volume totaling $8.8 billion, a 28% increase from 2023.
Key report themes include slowing construction starts improving the supply outlook, active institutional capital with increased selectivity, & owners favoring recapitalizations over asset sales.
Pricing adjustments & rebounding transaction activity are creating attractive acquisition opportunities for investors with local knowledge & strategic capital.
Walker & Dunlop closed approximately $716 million in student housing investment sales in 2025 & has financed over $14.3 billion through that year.