Student apartments as real estate concept niche products in the property market. So far there are only a handful of developers and operators. Provide evidence for sustainable indicators to construction costs, management costs, returns and sale prices are not available. The development of student numbers and the forecast of future student numbers point to the attractiveness of the niche. Due to the high degree of specialization of the product and the market, but remain manageable. The analysis of the performance criteria on location, market and segment level has shown that from the perspective of the market players are different criteria for success. Generally, it should be noted that the dominant supply, demand and price situation of the market is considered the most important. Also plays in particular the competition to other providers or to the Student a crucial role in investment decisions. At the level of site-specific analysis of the student apartments for siting over the general location factors are seen as much more important. For example, easy access to higher education and to public transport is estimated more important than the living and quality of life of the urban district. Regarding the objects appearance features and modern technical building facilities are cited as success criteria. In the application part conducted comparison between cities of Leipzig and Erlangen with no clear trend can be derived. Both cities offer investors in student apartments, despite the diversity of markets, untapped potentials. Similarly, investors in the planning and development of new student apartments, the market saturation limit of the two cities take notice.