Cardinal Group Management Student Housing Portfolio Tops National Average for Pre-Leasing
DENVER, CO – October 17, 2022 – Cardinal Group Management announced its portfolio results for pre-leasing this academic year, beating the national average as the student housing market booms. The management company reported that its pre-leasing occupancy as of September 30 was 95.1% outperforming the national average for occupancy during the same period, missing Cardinal Group’s number by 2.6%, according to national data reported by College House.
Cardinal Group manages a portfolio of over 74,000 student housing on- and off-campus beds. Over 60% of Cardinal Group student housing communities reported 100% pre-leased units for the 2022-2023 school year.
“The national data consistently pointed to strong occupancies throughout the leasing season for Fall 2022. We saw similar trends in our portfolio in both pre-lease occupancy and rent growth. The industry is demonstrating resiliency and continues attracting capital despite market volatility,” said Jenn Cassidy, Senior Vice President of Student Housing Operations.
In addition to strong pre-leasing performance, Cardinal Group reported that concessions were down 60%, further underscoring the strength in the rental market. The managed portfolio boasts a mix of new leases and renewals.
Cardinal invested in a Director of Revenue Management as the industry continues to set record occupancy. Carey McDonald leads the revenue management process for Cardinal. As a result, Cardinal saw a 7.1% growth in rent during 2022 in student housing communities where Cardinal has ownership.
While rate tiers have been successful, a more refined process led by a subject matter expert is the next phase of rate setting in student housing. In addition, Cardinal is extending revenue management services to third-party clients after seeing significant success in the owned asset portfolio.
Cardinal looks forward to continued growth through additional management of communities into 2023.
About Cardinal Group Companies
Cardinal Group Companies (“CGC”) is a fully integrated real estate management, investment, construction, consulting, and marketing firm focused on multifamily and student housing throughout the country. Headquartered in Denver, Colorado, CGC affiliate companies are all firmly built atop the company’s “Cardinal Culture.” Since 2007, CGC has been operating successful partnerships, focused on creating efficiency and above-market performance via their commitment to challenging the status quo of the industry. To date, Cardinal Group Companies has developed several best-in-class initiatives, which have earned the company national recognition year after year. Cardinal Group Companies’ management platform oversees over 40,000 units nationwide and over 70,000 student housing beds across the U.S., including Cardinal Group Companies’ owned portfolio, and third-party managed properties.
To learn more about Cardinal Group Companies, please visit www.CardinalGroup.com.