Inside U.S. Student Housing: Capital Trends & Global Moves

In this episode of Room to Grow, Teddy Leatherman, who leads JLL’s U.S. Student Housing platform, joins Philip Hillman for a deep dive into the evolving landscape of purpose-built student accommodation (PBSA). They explore why the sector continues to attract capital even in a high-rate environment and how investor appetite, development hurdles, and international activity are shaping the future.

What’s the episode about?

• Why student housing stays strong, even when GDP doesn’t
• 2025–26 trends: rent growth, occupancy, and market health
• Yield benchmarks and what types of capital are active
• Development halved, but signs of a rebound are clear
• Capital flows from the UK, Canada, Australia, and Japan
• Cross-border consolidation and the rise of global operators
• Boosting NOI through smarter ops, despite rising costs
• What students demand: walkability, privacy, and density

About the guests

Teddy Leatherman

Teddy leads the U.S. Student Housing platform at JLL and has over a decade of experience in student housing capital markets. Starting her career at Marcus & Millichap before joining HFF (later acquired by JLL), she now plays a pivotal role connecting institutional capital with PBSA opportunities across the U.S. and beyond. Based in Dallas, USA, she’s been instrumental in shaping the sector’s growth and cross-border momentum.

Philip Hillman

Philip Hillman is a Senior Consultant at QX Global Group and one of the earliest advisors to the UK’s Purpose-Built Student Accommodation (PBSA) sector. With over 35 years in real estate and leadership roles at JLL, including Chairman of Living Capital Markets, Philip has helped shape the sector through landmark transactions and strategic advisory. A regular speaker at industry events, he brings a deep understanding of the Living sectors across the UK and Europe.