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Heads & Beds

Where should LV build?

Build in Auburn, be selective in Norman, pass on Madison.

Auburn is 97.2% occupied with same-store rent up +7.2% and nothing waiting to open. Madison has 2,246 pre-delivery beds landing on a market that is 83.0% occupied and losing students.

  1. AuburnNo. 1

    Auburn University

    PursueScore 98/100
    Occupancy
    97.2%
    +1.4 ptsYoY
    Same-store rent
    +7.2%
    −5.0 ptsYoY
    Avg asking rent
    $1,121/bed/mo
    +8.4%YoY
    Pipeline, fall 2027
    0beds
    +825 in 2028

    Stabilized occupancy

    97.2% occupied, same-store rent compounding at 8.9% a year, and a downtown moratorium that keeps the next delivery (825 beds) out to fall 2028.

    Open the Auburn deep dive

  2. NormanNo. 2

    University of Oklahoma

    SelectiveScore 81/100
    Occupancy
    95.6%
    +3.0 ptsYoY
    Same-store rent
    +6.4%
    +2.4 ptsYoY
    Avg asking rent
    $785/bed/mo
    +6.7%YoY
    Pipeline, fall 2027
    0beds
    +756 in 2028

    Stabilized occupancy

    Occupancy recovered to 95.6% and rent grew +6.4%, but average rent of $785/bed/mo caps what new construction can earn.

    Open the Norman deep dive

  3. MadisonNo. 3

    University of Wisconsin–Madison

    PassScore 0/100
    Occupancy
    83.0%
    −11.8 ptsYoY
    Same-store rent
    −0.3%
    −13.9 ptsYoY
    Avg asking rent
    $1,440/bed/mo
    −1.3%YoY
    Pipeline, fall 2027
    2,246beds
    +1,750 in 2028

    Stabilized occupancy

    2,246 beds are still pre-leasing, 54.7% of operating beds sit below 90%, and enrollment fell 2.0%.

    Open the Madison deep dive

Madison occupancy fell 11 pts as 2,246 beds wait to open

Stabilized occupancy, October snapshots. Pre-delivery buildings excluded. Dashed lines mark the 93% and 97% thresholds.

Source: LV Collective comp file; 220 property-year rows.