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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Estimated preleasing reached 67.1% in March, according to the latest Yardi Matrix national student housing market report.

Report highlights

• Preleasing at Yardi 200 stood at 67.1% in March, higher than the estimated rate a year prior
• Rent growth continued to cool, dipping to 2.5% and marking the largest month-over-month drop in six years
• Preliminary enrollment data points toward strong year-over-year growth of 1.7%
• New supply has been decreasing, with 35,703 beds completed in 2024

Preleasing stays flat as rent growth cools

Estimated preleasing for the fall 2025 school year hit 67.7% in March—higher than the 65.1% forecasted at this point in 2024, according to the latest student housing report from Yardi Matrix. With the ongoing collection of data, the 67.1% rate for March is expected to decrease, similarly to previous years’ trends.

As of March, a total of 34 universities had a minimum preleasing rate of 80%. The largest student housing markets with the highest rates were Virginia Tech (93% preleased), Alabama (92.8%), Kentucky (91.3%), Wisconsin (90.3%), James Madison (89.5%) and Mizzou (88.9%).

On the opposite end, 41 markets were less than 50% preleased in March, with many in this cluster behind last year’s pace. The list included Utah Valley (25.3% preleased, 19.9% behind), UNCGreensboro (32.4%, 14.7% behind), the University of Houston (32.8%, 12.6% behind) and UTArlington (33.4%, 5.6% behind).

Student housing rent growth decelerates

The average annual rent growth in March stood at 2.5%, marking a 3.4% decrease since the previous month—the largest decline in the past six years. The average rent per bed remained at record highs and hit $918 that month, ticking up $1 since February.

A slowing preleasing rate, along with new construction underway in larger student housing markets, has been impacting rent growth. For example, Tennessee had 3,261 beds under construction and an annual rent decline of 6% in March 2025, compared to 22.6% rent growth in March 2024.

Based on enrollment data gathered from 183 schools for the fall 2024 academic year, numbers point towards a 1.7% year-over-year increase in students. For context, the fall 2023 annual enrollment growth reached only 1.2%. Primary state schools registered the largest enrollment increases, opposed to tertiary state and private universities, which had the biggest declines.

New supply of student housing has been declining, with a total of 35,703 student housing beds delivered in 2024—down from 44,746 beds in 2023. Yardi Matrix forecasts that supply will continue to decrease to 32,100 beds in 2025 and 33,995 beds in 2026.

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

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Preleasing reached 54.6% in January, according to the latest Yardi Matrix national student housing market report.

Report highlights

• Preleasing at Yardi 200 stood at 54.6% in January, ahead of trended 48.2% a year prior
• Rent growth continued to cool, dipping to 3.4% to $911 per bed in January and averaging 4.0% for the ongoing season
• Partial enrollment data points toward strong growth, compared to previous years
• More student housing properties changed hands in 2024 than in 2023, with the average price per bed reaching more than $101,000

Preleasing for the fall 2025 year exceeds 50%

Estimated preleasing for the 2025-2026 academic year has reached 54.6% in the first month of 2025—ahead of the 48.2% recoded one year prior. As more data is collected, the January 2025 rate will likely decrease, based experience from previous years.

A total of 46 schools reached at least 60% preleased as of January, including 17 markets which posted a minimum rate of 80%. Large student housing markets with high preleasing rates were Mizzou (90.8% preleased), Wisconsin (83.7%), Alabama (81.3%), James Madison (79.4%), Auburn (79%) and Purdue (76.7%).

On the other side of the spectrum, 34 schools didn’t exceed the 30% preleased mark, including 13 student housing markets with 10 or more properties, such as Southern California (9% preleased), Brigham Young (20.1%), UNC-Greensboro (21.4%), UT-San Antonio (23.7%), Temple (26.9%) and UC-Davis (28.1%).

Rent growth remains on downward trend

The average advertised rents across Yardi 200 universities reached $911 per bed as of January—marking a 3.2% increase year-over-year. With the average rent growth at 4% for the ongoing season, rent growth has decelerated for most of the previous 18 months.

Annual rent growth varies between 24.6% at Ole Miss down to -15.8% at UC-Berkeley. A total of 21 of the Yardi 200 institutions posted double-digit rent growth, while 51 schools experienced year-over-year rent declines in January.

Yardi Matrix has collected enrollment data from 156 schools for the fall 2024 school year, which posted a 1.7% year-over-year growth, compared to 1.2% growth the previous year and 0.1% growth in fall 2022 for the same schools.

New supply has been dropping: in 2024, a total of 35,703 off-campus, dedicated student housing beds came online—marking a decrease from 2023’s 44,746 beds completed. Yardi Matrix forecasts this downward trend to continued over the next several years.

Last year’s total sales volume for student housing communities included 129 properties that changed hands—50 more than in 203. The average price per bed increased, landing at $101,000 in 2024.

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

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Surveyed preleasing reached 47.1% in December, according to the latest Yardi Matrix national student housing market report.

Report highlights

• Preleasing at Yardi 200 stood at 47.1% in December, ahead of trended 39.7% in December 2023
• Annual rent growth slowed, reaching 3.8% in December and averaging 4.3% for the season
• The average rent per bed climbed to $909 at the end of 2024—the highest on record
• During 2024, a total of 129 student housing properties changed hands, exceeding last year’s transaction volume

Preleasing ahead of previous years

Following the end of a stellar leasing season, preleasing for the 2025-2026 academic year is beginning on a high note. Surveyed preleasing clocked in at 47.1% in December 2024, outperforming the previous year’s 39.7% in December 2023.

The student housing preleasing pace is expected to slow as the leasing season progresses and as more data points are collected. Across Yardi 200, a group of 55 schools already achieved 50% preleased in December 2024, while 14 surpassed the 75% preleased mark.

At the other end of the spectrum, 42 universities failed to reach 25% preleased in December, with many of these were behind last year’s pace. The list included UNC-Wilmington (12.2% preleased, 9.7% behind last year), UNC-Greensboro (15.5% preleased, 11.3% behind) and UC-Davis (15.7% preleased, 3.7% behind).

Rents increase to record high

As of December 2024, the average advertised rent per bed hit $909—the highest on record, while annual rent growth reached 3.8% and averaged 4.3% since October. Moreover, in the first three months of the fall 2025 leasing year, rents inched up 1.5%, following a 4.6% growth the previous season.

Rent growth ranged from -17.7% at Cal-Berkeley, to 14.4% at Auburn, which saw a steady increase in enrollment over the past three years. Other markets with strong enrollment growth and no new supply included Ole Miss (14% rent growth), Kennesaw State (12.9%), Kansas (12.8%), Purdue (12.5%) and Oregon State (12.2%).

On a national level, early enrollment data points toward another growth year, suggesting a 2% average growth in enrollment in the Fall 2024 school year—compared to a 1.1% increase the previous year.

In 2024, 129 dedicated student housing properties changed hands, marking a 50-deal increase from 2023 and well above the pre-pandemic average. Notably, deals closed at an average of $101,000 per bedroom—on par with the previous peak in 2020.

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

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Surveyed preleasing settled at 94.5% in September, according to the latest Yardi Matrix national student housing market report.

Report highlights

• Preleasing for the Fall 2024 leasing season hit 94.5% in September, marking a 10-basis-point decrease year-over-year
• The average advertised rent per bed reached $896 that same month, while rent growth fell to 4.2%
• Yardi Matrix predicts that a total of 41,432 beds will come online at Yardi 200 schools in 2024
• Year-to-date through September, roughly 39,000 beds changed hands, down 10% since September 2023

More than half of schools hit the 95% preleased mark

Occupancy for the 2024-2025 season across student housing properties settled 94.5% in September, only 10 basis points lower than at the same point last year. Preliminary data for the new leasing season points toward a good head start, averaging 10.2% preleased and four schools already hitting 25 percent occupancy in September.

A total of 50 schools reached at least 99% occupancy by September, the largest markets being Illinois State, Ole Miss, Oklahoma State, Oklahoma, James Madison, Purdue and Virginia Tech, among others.

At the other end of the spectrum, 21 schools achieved less than 85% occupancy, including East Carolina (85%), UC-Berkeley (84.9%), Temple (84.8%), Washington State (81.3%), Drexel/Penn (77.8%) and Cincinnati (72.5%).

Yardi Matrix’s supply forecast predicts that in 2024 a total of 41,432 will be delivered at Yardi 200 schools, which would mark a 5% decrease compared to last year.

Year-to-date through September, about 39,000 beds changed hands at Yardi 200 schools. The sales volume is still 10% behind the one registered in the same timeframe in 2023 and 8% behind the average for 2017-2019.

Rent growth decreases to 4.2%

During the last months of the 2024-2025 leasing season the average advertised rent per bed fell from a maximum of $901 in May, to $896 in September. That month, the year-over-year rent growth also continued its downward trend and reached 4.1%, while averaging 5.8% for the entire leasing season.

Many markets which registered the biggest rent growths in September have also showed strong enrollment increases in the past few years, coupled with fast-paced lease-up in 2023-2024.

A total of 32 schools hit a minimum of 10% rent growth for the Fall 2024 season, including Tennessee (21.2% trailing 12-month average rent growth), Clemson (14.5%), Ohio State (14.1%), Purdue (13.5%) and Kentucky (13%). Nevertheless, 22 markets had negative annual rent changes, notably Washington (-1.5%) and Minnesota (-1.8%).

Read the full Yardi Matrix National Student Housing Market Report: October 2024.

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