Randy Churchey, president and CEO of EdR (NYSE: EDR), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
Student housing REIT EdR owns or manages 73 communities serving 53 universities in 23 states across the United States.
In April, EdR and Boise State University commenced work on a nearly $40 million honors college and first-year residence hall. Churchey said the development is representative of the broader trend for universities to outsource the equity requirements for new student housing. Churchey added that EdR hopes to be involved in a second phase of the Boise State project.
Meanwhile, Churchey said strength in its markets means that the company is forecasting rent increases of 3.4 percent for the 2016-2017 academic year.
Rent growth has been “very robust over the last six years,” Churchey said. “Modernization has really been the tailwind that has supplied our ability to increase pricing,” he added.