Higher education continues to be the path to advancement in the United States despite the ongoing debate about the value and cost of a college degree. College graduates will out-earn and are less likely to be unemployed than non- degree holders during their ensuing careers. When students pursue a college degree, they often need a place to live. More and more of these students are living off campus because of the inadequate supply of on-campus housing. Demand for off-campus student housing is predicated on consistent student enrollments, supply and demand imbalances, and favorable demographics. The industry today is characterized by purpose-built, privately owned facilities near university campuses. These communities fill the need for student housing created by a structural undersupply of on-campus housing, primarily at public universities.

Most public universities can accommodate only 30 percent of their students in traditional on- campus housing, leaving the majority t