Contributing Author: Sean Lyons
An in-depth analysis of the private student housing market at Clemson University conducted by Triad Real Estate Partners. Triad Real Estate Partners concentrates in private student housing and multi-family real estate brokerage. Triad Real Estate Partners’ research team compiles in-depth market research reports on leading Universities in the United States.
Total enrollment at Clemson University in South Carolina increased for at least the 15th consecutive year, registering a University-record 24,387 students. Over the past decade, enrollment has grown by a total of 27.78%, averaging an annual increase of 3.24% over that span.
First time freshman enrollment decreased by 34 students, achieving a total of 3,650 on campus this fall. The decrease followed a record-high of 3,684 in fall 2016. It is worth noting that freshman enrollment has been rather erratic during the past decade – large increases one fall have typically been followed by slight declines the next year. If the trend continues, the fall 2018 cohort will be around 3,800. Overall, the general trajectory of freshman enrollment has been very positive, increasing by a total of 26.03% since 2008.
International student enrollment decreased for the second consecutive year, shedding 79 students and dropping to the lowest level since fall 2012. While declining international enrollment at 2nd and 3rd tier universities can often be a harbinger of financial or other institutional struggles, Clemson’s pedigree and, slight first-year enrollment decline aside, robust overall growth indicate that one shouldn’t read too much into its shrinking international student enrollment.
The average market occupancy fell from 98.50% in fall 2016 to 93.77% in 2017. The average is being dragged down by the addition of 524 beds at GrandMarc, which missed the prime leasing window and failed to stabilize, renting less than half its units. If that complex is eliminated from the equation, the weighted occupancy of the market rises to 98.43%, a decrease of just 7 basis-points. It is worth noting that the other two new additions reported 100% occupancy, while the management of the now complete 116 Earle is way ahead for next year at over 90% pre-leased for the 2018-19 AY.
Average asking rents increased across all unit types, with 3 and 4-bedroom units reporting the largest gains, increasing by 4.52% and 4.18%, respectively. One-bedroom rents increased more moderately, growing 1.89%, and are now renting for an average $1,077/month.
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