Many institutions are no longer able to provide sufficient housing for their student on-campus. The housing deficit has caused the students to migrate to off-campus student housing. This study examined the factors influencing the financial performance of student housing in Nigeria, with a specific focus on studentified neighbourhoods in Calabar and Ile-Ife. The study adopted a quantitative research design, utilising a closed-ended questionnaire administered to property managers across 132 student housing units. Data collected were analysed using Principal Component Analysis (PCA) to identify key factor groupings influencing financial performance. The results reveal four major components that drive financial performance in student housing: Institutional and Property-Specific Factors; Locational and Socio-Economic Factors; Regulatory and Financial Factors; and Macroeconomic and Infrastructure Factors. The primary factor influencing the financial performance of student housing is institutional and property-specific factors, with a total variance of (54.986%). The study concludes that both micro-level property features and macro-level environmental conditions influence the financial viability of student housing investments in Nigeria.