The off-campus student housing sector had been riding a wave of improved demand after the sector worked its way through headwinds between the spring 2020 and fall 2021 semesters due to many campuses shutting down during the global pandemic. Even though demand stabilized beginning in the spring 2022 semester, the full-fledged recovery started in the fall semester of the 2022-2023 school year and during the record-breaking performance of the 2022-2023 school year.