Student Housing Preleasing Up 450 BPs Y-O-Y

The average student housing preleasing rate for Yardi 200 schools reached 61.5% in February, a 450-basis-point increase year-over-year, according to the latest Yardi Matrix National Student Housing Report. Fueled by enrollment growth, demand is healthy enough to absorb 46,000 new beds coming online.

A total of 16 universities were more than 80% preleased, including larger student markets like Ole Miss (98.7%), Purdue (88.7%), Tennessee-Knoxville (87.5%), Virginia Tech (87.2%) and Arkansas (86.8%). Only 35 schools were less than 40% preleased, compared to 94 in February 2023.

The average rent per bed reached $883 in February, up 5.2% increase from the year-ago period. Y-O-Y rent growth was down from the 6.7% recorded in October 2023.

“Rent growth slowed each month of the leasing season but is well-above the average of 3.5% going back to the beginning of 2018, and well ahead of the general multifamily market, as student housing has proven to have much different demand drivers,” the report states.

Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!