CAPRE Exclusive: Student Housing Insiders Describe ‘Moderate’ Impact on Fall Leasing and Fewer Investment Sales in 2020, but Optimistic for Vaccine and New Year
NEW YORK, NY -- November 16 was a landmark day for CAPRE, who hosted the Student Housing Industry Q4 Roundup and Outlook for 2021, which convened student housing industry c-suite executives for a discussion of the rapid changes, different views, and unique lessons learned to come out of the Fall 2020 semester, which commenced amid a global pandemic. CAPRE’s Founder & CEO kicked off the first of two panels, “Summary of Fall 2020: Observations, Case Studies & Lessons over the Prior Four Months” with a poll question for the audience, asking them to appraise the impact of the pandemic on student housing leasing through the Fall 2020 semester. While he waited, Klebash looked to panelist Isaac J. Sitt, Co-Founder & CEO of Vesper Holdings to kick off the discussion. “What lessons have you learned thus far this semester?” asked Klebash to Stitt. “The single biggest thing we learned is that whether or not kids are in person or not, they want to live off campus,” replied Stitt. “A twenty-year old student doesn’t want to go back home to live with their parents. They want their lives on-campus – they want roommates, they have friends. Now not all of these kids have been careful, but the risk of them going home and spreading this virus to their communities, that’s where the real danger is.” According to Stitt, his firm’s occupancy is only down three percentage points from Fall 2019. “It’s all…
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