Performance normalizes following an era of record growth
SANTA BARBARA, Calif., April 1, 2026 – Estimated preleasing for the Yardi® 200 schools in February 2026 exceeded the initial estimates from the previous two Februarys even as rent growth continues to decelerate, according to new data from Yardi® Matrix.
Preleasing reached 58.6% in February, tracking ahead of final February figures in previous years. But while the average per-bed rent rose year-over-year that month, the 0.4% growth represents a decline from January’s 0.6% growth and was well below the 3.5% growth recorded in February 2025.
“Despite solid enrollment growth of 1.8% in fall 2025 and relatively modest supply additions, early indicators for the 2026-2027 academic year point to a normalization in performance following years of record growth,” according to a new report from Yardi Matrix.
Other key factors include competition from a soft multifamily sector, particularly in urban markets where some new multifamily projects have targeted student residents while in lease-up.
Get more in-depth information about U.S. student housing market fundamentals in the Yardi Matrix National Student Housing Report for March 2026.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.
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