Following the second wave of COVID-19 infections in July, many universities revised re-opening plans an implemented online education through the fall. Online education, however, has not had a significant impact on student housing collections or leasing activity. Student housing owner and operator Pierce Education Properties reports 97% rent collections since the beginning of classes in August and less than 1% lease cancellations as a result of distance learning.
“The degree of no-shows—students who signed a lease, but did not move in—this year in our portfolio was consistent with years past at less than 1%. And August collections for our portfolio were also very strong at 97%–they were 96% in August 2019. These trends were not impacted by the mode of course delivery,” Frederick W. Pierce, IV, president and CEO of Pierce Education Properties, tells GlobeSt.com. “This information affirms that students do not want to stay at home and miss