Global candidate sentiment and visa friction have translated into tangible enrollment declines for U.S. graduate programs and a rout in demand that is rippling through the student‑housing sector. A GMAC survey found 40% of non‑U.S. graduate candidates were less likely to study in the United States after political and immigration shifts; new international enrollments fell sharply in 2025, with outsized declines from India and other key markets. Investors and operators have already felt the effect: Unite Group, the UK’s largest student‑housing provider, cut rents in some university markets and lowered its profit outlook after weaker international demand. Universities report yield loss from admitted international students converting to offers elsewhere or deferring enrollment amid visa uncertainty. The combination of geopolitical policy, visa processing delays and reputational shifts is forcing business schools and student‑services providers to diversify recruitment geographies, boost on‑campus supports and reassess capital plans tied to international student flows.