Neither is more profitable on its own, it depends on the market and how much management you want to do. Student housing usually brings higher rent per unit but annual turnover, more wear, parent guarantors and a short leasing window. Commercial leases are longer with fewer move-outs, but vacancies last longer, tenant build-out costs are real, and the rent depends on a business surviving. Compare net after vacancy, turnover and repairs for a specific property in each category, not gross rent.