Report highlights

• Preleasing at Yardi 200 reached 71.6% in April, up 200 basis points from March
• Annual rent growth increased to 1.2%, marking the second consecutive monthly acceleration
• The average advertised rent per bed rose to $931
• Operators reported a more competitive leasing environment due to new supply and softness in conventional multifamily markets

Preleasing remains ahead of last year despite increased competition

Student housing preleasing for the 2026-2027 academic year reached an estimated 71.6% in April, up from 69.6% in March. Although leasing activity continues to track ahead of last year, the pace has slowed relative to the previous three years as operators contend with increased competition from newly delivered communities and weakness in the conventional apartment sector.

April’s month-over-month increase of 7.6% was below the average 8.6% growth recorded from January through March. While preleasing patterns remain similar to recent years, leasing activity has recently begun to trail the stronger performances recorded in 2022 through 2024.

Several universities are nearing last year’s final occupancy levels. Virginia Tech led reporting markets at 97.2% preleased, followed by the University of Missouri at 93.7%, Western Carolina at 93.3% and Penn State at 92.7%. Cincinnati, Iowa and Clemson were among the schools posting some of the strongest year-over-year gains.

Meanwhile, some markets continue to lag. Houston, UT-Arlington, Cornell University, Sam Houston State University and UC Berkeley remained among the lowest-preleased markets in April. Several universities with large development pipelines under construction, including NC State, Tennessee, Central Florida, Arizona State and Purdue, also trailed last year’s leasing pace.

Rent growth improves for a second consecutive month

Average asking rent reached $931 per bed in April, representing 1.2% year-over-year growth. Although growth remains well below the levels recorded during the peak leasing years of 2023 and 2024, April marked the first time since early 2023 that annual rent growth accelerated for two consecutive months. Growth increased from 0.4% in February to 0.8% in March and 1.2% in April.

Same-store rent growth improved to 0.4% in April after registering 0.0% in March and -0.2% in February. The disparity between same-store growth and overall asking rent growth suggests that leased-up properties are driving much of the pricing strength seen this spring.

Among the strongest-performing rent-growth markets, Utah State posted 7.8% annual growth, followed by James Madison at 7.6% and Iowa State at 6.6%. Several markets that had experienced significant rent pressure earlier in the year also improved, including Northern Arizona, Baylor, Tennessee and the University of Michigan.

Read the full Yardi Matrix Student Housing Market Report: May 2026.

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Estimated preleasing reached 65.5% as of March, according to the latest Yardi Matrix national student housing market report.

Report highlights

• Preleasing at Yardi 200 hit 65.5% in March, 340 basis points ahead of last year’s final March estimate

• Annual rent growth improved to 0.8%, up from 0.4% in February

• The average advertised rent per bed rose to $928

• Several strong rent-growth markets benefited from enrollment gains outpacing new supply

Yardi Matrix also released historical and forecasted on-site enrollment data for the Yardi 200, stripping out online-only students. The data shows that total enrollment growth since 2019 has been driven largely by online enrollment, while only primary state schools recorded on-site enrollment growth.

Preleasing data sends mixed signals

Preleasing activity for the 2026 academic year across the Yardi 200 schools reached 65.5% in March. That rate was 340 basis points ahead of the final estimate for March 2025 and in line with March 2024, though early-season estimates are expected to shift as more data is collected.

The March figure also trails preliminary preleasing estimates reported in the April reports from the prior two years. Among schools with stronger survey coverage, Virginia Tech led the country at 95.5% preleased. University of Missouri and James Madison University followed, both at 88.4%, while Penn State reached 87.3% and Clemson University clocked in at 85.2%.

At the opposite end, Houston and UT-Arlington registered some of the lowest preleasing levels, at 28.1% and 28.9%, respectively. UNC-Greensboro stood at 40.2%, followed by Sam Houston (44.9%), UT-San Antonio (46.3%) and North Texas (47.6%). Despite the lower levels, most of these schools were trending close to last year’s pace.

Several universities were well ahead of last year’s preleasing rate. Ohio State posted the largest year-over-year gain, up 19.9% to 74.9% preleased. University of Oklahoma followed with 76.4% preleasing, up 18.8%, while University of Iowa reached 81.9%, up 17.9%. In many of these markets, improving preleasing reflects a rebound after recent new supply pressured occupancy.

However, new development continues to weigh on some markets. North Carolina State was 59.6% preleased, down 10.7% year-over-year. University of Tennessee-Knoxville reached 67.5%, down 9.9%, while Purdue University, University of Arkansas and University of Central Florida were also behind last year’s pace. Each of these markets has multiple properties under construction and more than 1,600 beds expected to deliver in 2026 and 2027.

Rent growth remains below previous years

Average rent per bed across the Yardi 200 rose to $928 in March, up 0.8% year-over-year. That was an improvement from 0.4% in February and 0.7% in January, but still far below the 2.6% recorded in March 2025 and the 6.3% posted in March 2024.

Rent growth for the 2026–2027 leasing season has averaged 0.7% since October. That compares to 2.6% during the previous leasing season, and 5.9% for the 2024 academic year.

Still, several markets continued to outperform. Auburn University posted 8.3% rent growth in March, supported by more than 3,000 students added over the past three years and only 1,400 new beds. Nevada-Reno recorded 8.2% growth, with enrollment also up more than 3,000 students since 2022 and only 734 beds added.

Georgia Southern and University of Kansas each posted 6.1% rent growth, helped by enrollment gains of more than 3,300 students over the past three years. Louisiana State University recorded 5.2% rent growth after adding more than 6,000 students since 2022, while only 400 new beds came online.

Read the full Yardi Matrix National Student Housing Market Report: April 2026.

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Preleasing for the 2026–2027 academic year reached 58.6% in February, reflecting another solid start to the leasing cycle, according to the latest Yardi Matrix student housing report.

Report highlights

• Preleasing reached 58.6% in February, ahead of the 54.2% registered during the same month of 2025

• Average rent per bed was $925, registering a 0.4% year-over-year growth

• Leasing-season rent growth slowed to 1.2%, down from 1.9% last year

• New supply is projected at 28,167 beds for the 2026–2027 academic year

Preleasing remains solid, but normalization is underway

Although preleasing is trending ahead of last year’s final figures, the current pace is slightly below prior leasing cycles when measured against early estimates. January’s preleasing, for example, was revised downward from 52.3% to 49.7, as more data was collected.

Leasing activity varies widely by market. Leading universities include Virginia Tech (94.6%), James Madison (89.1%) and the University of Missouri (87.3%), while Auburn (82.9%), Kentucky (81.5%) and Penn State (80.4%) are also well ahead of pace.

Markets showing the strongest year-over-year gains include Georgia Tech (+27%), Wisconsin (+19.4%) and Virginia Tech (+19.2%), signaling recovery in several supply-heavy markets. However, some universities—including Tennessee, Purdue and NC State—continue to trail last year’s leasing pace.

Rent growth slows amid rising competition

Rent growth continued its downward trend, with year-over-year growth at 0.4% in February, as operators compete more aggressively to secure early leases. Nearly half of markets experienced further deceleration from January, and 89 universities reported rent declines, highlighting the broad-based nature of the slowdown.

Still, a handful of markets are outperforming. Ole Miss (10.6%), Oklahoma State (9.8%) and Auburn (8.3%) continue to post strong gains, supported by favorable fundamentals and limited competition.

Looking ahead, supply growth remains a key factor shaping market conditions. While 28,167 beds are expected to deliver for the upcoming academic year, the total remains below long-term averages. Combined with steady enrollment growth, the student housing sector is poised to remain stable, even as fundamentals moderate from recent peaks.

Read the full Yardi Matrix Student Housing National Report: March 2026.

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Estimated preleasing reached 52.3% as of January, pointing to another solid start to the 2026–2027 leasing season, according to the latest Yardi Matrix student housing national report.

Report highlights

• Preleasing at Yardi 200 universities reached 52.3% in January, ahead of the final January 2025 estimate of 45.6%

• Annual rent growth declined 0.2% year-over-year

• Average rent per bed was $915, down 0.8% from the February 2025 peak of $922

• Enrollment at 184 of the Yardi 200 universities totaled 4.9 million, up 1.8% year-over-year

Preleasing reminds investors why the sector stays resilient

Early preleasing for the upcoming academic year continued to trend ahead of last year, though results vary significantly by market. Yardi Matrix noted that early estimates can be revised as more properties report—last year’s January preleasing was initially placed at 54.6% before settling lower.

In January, 113 school markets were pacing ahead of last year, including 64 markets that were 10% or more ahead and 26 that were 20% or more ahead. Top early performers included Virginia Tech (88.2% preleased), the University of Missouri (84.1%) and James Madison (82.7%).

At the other end of the spectrum, 65 markets trailed last year’s pace, including 28 that were 10% or more behind—often in places still absorbing new inventory. Yardi Matrix reported 39 schools were under 30% preleased in January, including markets with active construction pipelines such as Memphis (27.9% preleased; 705 beds underway), the University of Virginia (25.5% preleased; 2,359 beds), Colorado–Boulder (25.2% preleased; 1,263 beds) and Cal–Berkeley (24.8% preleased; 1,509 beds).

Rent growth weakens as developers compete early

Rent growth continued its deceleration, with rents down 0.2% year-over-year in January. Average rent per bed across the Yardi 200 was $915 and rent growth for the 2026–2027 academic year has averaged 0.2% since October 2025, far below the same period last year (3.6%) and two years ago (6.6%).

Nearly half of the Yardi 200 markets posted year-over-year rent declines averaging -4.6%, while markets posting increases averaged 3.7%. A handful of larger markets have improved leasing-season rent performance, including Washington State (1.2% leasing-season average rent growth) and the University of Florida (6.3%). However, rent pullbacks have been pronounced in major markets such as the University of Arkansas (from 10.3% last January to -9.2% this January) and North Texas (from 7.0% to -9.9%).

Read the full Yardi Matrix Student Housing National Report: February 2026.

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Estimated final occupancy was 95.1% as of September, according to the latest Yardi Matrix national student housing report. 

Report highlights

• Final occupancy for the fall 2025 academic year was estimated at 95.1% in September, the second-highest level since 2019

• Annual rent growth dropped to 0.8% from 1.1% in August

• The average advertised rent per bed held steady at $905, up $2 month-over-month

• A total of 76 student housing properties changed hands, down from the 94 that traded during the same period last year

Occupancy estimate exceeds previous years

The final occupancy for the fall 2025 academic year was estimated at 95.1% in September, exceeding the previous two years—93.6% in September 2024 and 94.5% in September 2023. Early strong preleasing during the leasing season remained consistent through move-ins.

Despite that, occupancy growth differed across markets. While 46 schools registered 5% or greater improvement year-over-year (including University of Cincinnati and Washington State University), 72 other universities recorded lower occupancy. About 22 schools trailed behind last year’s figures by 5% or more.

Among Yardi 200 universities, 49 reached 99% occupancy or higher in September, compared to just 38 during the same month of last year. Virginia Tech and University of Missouri are some of the schools that were already fully occupied.

Annual rent increase hits records low

In September, the average advertised asking rent per bed across Yardi 200 universities clocked in at $905 per bed, marking a $2 month-over-month growth. However, this marked a 1.6% drop from the $920 high in March. The annual rent growth clocked in at 0.8%, the slowest increase since Yardi Matrix started tracking the sector in 2017.

Average rent hit $912 per bed for the 2024–2025 leasing season. Year-over-year growth cooled to 2.5%, after 5.7% in 2023–2024 and 6.9% in 2022–2023. Since January 2018, the sector’s average annual growth stood at 3.6%.

A total of 32 schools failed to reach the 90% occupancy, an improvement from 50 markets last year. University of California at Berkeley (88.5%) and Georgia Tech (88.9%) are some of the schools that lagged behind.

In terms of deliveries, 27,000 beds came online year-to-date as of September, down roughly 23% from almost 35,000 during the same period of last year. Additionally, there were 38,500 beds under construction, with 26,500 slated for delivery next year.

Seventy-six student properties traded in the first nine months of year, totaling $3.7 billion in investment volume. This marked a considerable drop from the $5 billion registered in 2024 from the 94 assets that changed hands, as less large portfolio deals penciled through.

The average price per bed also declined year-over-year, from $107,000 to $98,000. Despite that, the figure remained well above the previous years, highlighting the sector’s resilience.

Read the full Yardi Matrix National Student Housing Market Report: October 2025.

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Estimated preleasing reached 93.7% as of August, according to the latest Yardi Matrix national student housing report. 

Report highlights

• Preleasing at Yardi 200 reached 93.7% in August, 200 basis points higher year-over-year
• Annual rent growth increased to 1.1%, from 1% in July
• The average rent per bed clocked in at $903, down $2 from the previous month
• A total of 71 student housing communities traded, down from 86 from the same period last year

Preleasing rises above last year’s occupancy rate

Surveyed preleasing for Yardi 200 universities reached 93.7% as of August, marking a 200-basis-point increase year-over-year. This figure was also 10 basis points above the final occupancy recorded last September and higher than the ones registered during the past two years.

Since many schools had not yet started classes at the time of the last survey, final fall 2025 occupancy figures are still being revised. Looking ahead, experts warn that cuts to university funding and tighter restrictions on international students could shrink the international student population by 30 to 40% over the coming years.

Thirty-six universities were more than 99% preleased in August, compared to only 25 during the same month of last year. UCLA, San Jose State and Florida Atlantic University are some of the schools that were already fully occupied.

Rent growth steadies, sees slight increase

In August, the average advertised asking rent per bed at Yardi 200 universities clocked in at $903, down 1.7% from the $919 peak in March, but up 1.1 percent year-over-year. This is the first time this leasing season where rent growth improved month-over-month, increasing 10 basis points.

Despite rent growth slowing throughout the leasing season, there were 65 schools that recorded stronger rent growth as the season ended. University of Florida started the season with a 0.5 percent decline and climbed to an 8.4 percent increase in August, while the University of Washington posted an increase from -3.5 percent to 2.6 percent.

A total of 91 universities within Yardi 200 posted higher preleasing levels than their September 2024 occupancy rate, among which 20 markets were more than 10 percent ahead. University of Memphis (31.1%), University of Cincinnati (27.6%) and University of Notre Dame (19.1%) posted the highest year-over-year preleasing growth.

However, 17 universities were 10% or more behind last year’s occupancy levels, including Texas A&M University-Corpus Christi (86.5%, 12.3% behind) and the College of Charleston (83.2%, 13.9% behind). University of Texas at Arlington (70%, 18% behind) trailed the most.

Year-to-date as of August, the national student housing transaction activity comprised 71 deals. That’s down from 86 properties changing hands during the same period last year, partly because 2025 saw fewer portfolio trades, with just one transaction involving three or more assets.

Read the full Yardi Matrix National Student Housing Market Report: September 2025. 

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Estimated preleasing reached 89.9% as of July, according to the latest Yardi Matrix national student housing report. 

Report highlights 

• Preleasing at Yardi 200 reached 89.9% in July, up 170 basis points year-over-year 

• Annual rent growth dropped to 0.9 percent 

• The average rent per bed decreased to $905, down from the $909 registered last month 

• Fifty student housing properties changed hands year-to-date as of July 

Preleasing continues year-over-year growth 

Preleasing activity for the 2025–2026 academic year across the Yardi 200 schools reached 89.9% in July, according to the latest Yardi Matrix national student housing report. This marks a 170-basis-point increase compared to July 2024, though it trails July 2022’s rate by 120 basis points, largely due to the development pipeline. 

Thirty-two universities remained below the 80% preleasing threshold in July, though many showed month-over-month improvement. Temple University (69.1%, up 7.6% month-over-month) and Sam Houston State University (77%, up 8.1% month-over-month) are some of the schools that made considerable progress.  

However, 15 student housing markets are on track to be fully leased for the upcoming academic year. Among the top performers are Western Carolina (99.6%), Virginia Tech (99.6%), and University of Kentucky (99.3%).  

Annual rent growth average remains behind last year’s figures 

Rent growth across Yardi 200 schools slowed to just 0.9%. The average advertised asking rent fell to $905 per bed, a 1.4% decrease from the $918 peak in March, as operators struggle to lease remaining inventory. From October through July, rent growth averaged 2.8%, less than half the 5.7% recorded during the same period last year and well below the 6.9% seen in 2023. 

As of July, over 80 universities experienced year-over-year rent declines—up from 73 in June and significantly higher than the 34 schools that saw drops in July 2024. Most of these markets are seeing downward pressure on rents due to recently delivered or soon-to-open housing developments. 

Only 10 markets were trailing last year’s preleasing pace by 10% or more—a sharp decline from the 34 lagging schools reported in June. At the opposite pole, 59 markets are more than 10% ahead of last year’s preleasing levels, including Washington State (11.7%) and University of California at Berkeley (10.8%). 

University of Cincinnati continued to post the highest year-over-year preleasing rate growth, recording a 26.5% increase. University of Pennsylvania (16.3%) and Wichita State (15.7%) rounded up the top three. 

In terms of investment activity, 50 student housing properties changed hands as of July—fewer than in the previous two years. However, the total number of beds sold exceeded both 2023 and 2024 volumes. The average price per bed surged to $94,000, significantly above the $73,500 average recorded between 2020 and 2024. 

Read the full Yardi Matrix National Student Housing Market Report: August 2025. 

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Estimated preleasing reached 85.3% in June, according to the latest Yardi Matrix national student housing report.

Report highlights

• Preleasing at Yardi 200 reached 85.3% in June, up 160 basis points year-over-year
• Annual rent growth dropped to 1.3%, the lowest since April 2021
• The average rent per bed was $909, down from the $918 registered last month
• A total of 50 communities traded in the first half of the year, with the average price per bed reaching almost $94,000

College enrollment set to grow

Preleasing activity across the Yardi 200 universities for the next academic year continued to outpace last year’s figures, clocking in at 85.3%, up 1.6% year-over-year and 20 basis points above the June 2023 index.

Fifty schools have already surpassed the 90% preleasing threshold, with 27 of them matching or exceeding last September’s occupancy levels. Notably, 10 institutions are already fully preleased, including the University of Mississippi.

College enrollment is projected to grow this year, as the number of high school graduates peaked.  However, the sector faces headwinds from cuts in federal education funding and reductions in student loan availability. Additionally, a decline in international student enrollment is anticipated.

Annual rent growth continues to drop

In June, the average advertised rent per bed at Yardi 200 institutions stood at $909—up 1.3% year-over-year, but slightly below the $918 recorded in May. Rent growth has continued to slow as operators prioritize filling remaining beds before the academic year begins. Since January 2020, the average rent per bed has climbed by 23%.

A total of 34 schools were at least 10% ahead of last year’s preleasing pace, down from 40 in May. The University of Cincinnati led nationally with a 23.9% increase, followed by SUNY at Albany (22.2%) and UC Berkeley (21.8%).

At the other end of the spectrum, 20 markets lagged behind by 10% or more compared to last year, a slight improvement from the 24 universities registered in the previous month. Among the larger institutions falling behind were Purdue University (87% preleased, 9.7% below last year), University of North Texas (76.6%, 6.4% behind), and University of Arizona (83.6%, 6.2% behind).

In terms of investment activity, 50 student housing properties changed hands year-to-date through June—fewer than in the past two years. However, the total number of beds traded was higher and the average price per bed rose significantly, from a 2020–2024 average of $73,500 to nearly $94,000.

At the end of the first half of the year, there were 19,527 beds under construction across 1,500 universities. An additional 16,669 beds were in the planning phases, while over 34,000 were classified as prospective.

Read the full Yardi Matrix National Student Housing Market Report: July 2025.

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Estimated preleasing reached 79.9% in May, according to the latest Yardi Matrix national student housing market report.

Report highlights

• Preleasing at Yardi 200 reached 79.9% in May, up 150 basis points year-over-year
• Annual rent growth dropped to 2.1%, the lowest it has been since July 2021
• The average rent per bed held steady at $918, remaining on par with last month’s figures
• A total of 36 communities traded in the first five months of this year, with the average price per bed dropping year-over-year

Preleasing continues to climb

Preleasing activity across the Yardi 200 universities for the 2025–2026 academic year continued to outpace last year’s figures, hitting 79.9% by May—up 150 basis points compared to the same time in 2024.

Out of the Yardi 200 schools, thirty universities were more than 90% preleased and 17 more than 95%. Missouri University (98.6%) lead nationally, followed by Illinois State (98.3%). University of Cincinnati posted the highest year-over-year growth in terms of preleasing rates, hitting a 22.5% increase. SUNY Albany (22.1%) was close behind.

However, 17 schools were still less than 60% preleased as of May, all of them lagging behind their preleasing level at this time last year. Among the largest student housing universities that have a lower rate include Houston (5.8% behind), Temple (11.1% behind) and UT-Arlington (8.4% behind).

Annual rent growth hits lowest point since 2021

Enrollment at Yardi 200 institutions climbed by an average of 1.8% last fall, but that momentum may slow, as the number of high school graduates appears to have peaked this year and is projected to decline gradually. The average advertised rent per bed at Yardi 200 properties stood at $917 in May, holding steady from April and slightly under the all-time high of $919 recorded this March.

Nonetheless, year-over-year rent increases have been losing steam, with May’s 2.1% growth marking the slowest annual gain since July 2021. Among the top 32 Power 5 schools, Auburn University (10.1 percent) had the highest year-over-year annual rent growth.

Since April, nine student housing communities have changed hands, bringing the total number of transactions to 36 year-to-date as of May—matching the volume recorded during the same period last year. Despite the steady pace of sales, the average price per bed declined year-over-year, falling from $105,252 to $88,467.

Read the full Yardi Matrix National Student Housing Market Report: June 2025.

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Estimated preleasing reached 73.2% in April, according to the latest Yardi Matrix national student housing market report.

Report highlights

• Preleasing at Yardi 200 reached 73.2% in April, up 140 basis points year-over-year
• Rent growth slowed to 2.0% year-over-year, with average rents per bed falling to $917—marking the first monthly decline since August 2024
• Development pipeline continues to contract, with 28,454 beds projected to be delivered for the fall 2025 school year’s start
• Investment activity remained steady, with 27 properties sold year-to-date through April at an average of $74,207 per bed

Preleasing holds steady pace

Preleasing activity across the Yardi 200 universities continued to show resilience, reaching 73.2% in April 2025. This marks a 140-basis-point improvement over April 2024 and matches the performance seen two years prior. Despite the headline strength, operators reported increased competition in lease-ups, with many having to lower rents or offer incentives to attract tenants.

A total of 21 universities were over 90% preleased in April, including high-demand markets such as Alabama (95.1%), Mizzou (94.7%) and Virginia Tech (94%). Conversely, 21 schools remained below the 50% threshold, particularly in smaller or tertiary markets like UT–Arlington and Houston.

Rents fall, growth slows

April marked the first month-over-month decline in average rent since August 2024, with per-bed pricing falling to $917. Annual rent growth decelerated to 2.0%, down from 2.6% in March and significantly below the 6.4% average seen in recent leasing cycles.

The softening rental environment is being driven by a combination of multifamily market pressures and localized oversupply. Markets such as Tennessee and Arizona State experienced rent declines exceeding 6% year-over-year, while a few strong performers like Mizzou and Michigan posted increases near or above 9%.

The development pipeline for student housing continues to shrink. Yardi Matrix projects 28,454 new beds to be delivered in time for the fall 2025 school year, a steep drop from 36,306 in 2024 and more than 44,000 beds in 2023.

Despite these challenges, student housing investment activity remains stable. Through April, 27 properties changed hands, with an average price of $74,207 per bed. This is a notable drop from 2024, when prices were inflated by several large portfolio transactions. Transaction volume typically increases later in the year as leasing stabilizes.

Read the full Yardi Matrix National Student Housing Market Report: May 2025.

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