Owners poised for busy summer leasing season; recent uplift buoys investment prospects
SANTA BARBARA, Calif., June 24, 2026 – Preleasing at the Yardi® 200 schools reached 78% in May 2026 as the average student housing per-bed rent increased 0.2% month over month and 1.7% year over year, according to new data compiled by Yardi® Matrix.
The preleasing was slightly ahead of last year’s pace but below 2022-24 levels. Rents continued the steady month-over-month gains seen throughout the year, contrasting with last year’s regular declines. But despite the recent improvement, average leasing season rent growth for the 2026-27 academic year stands at 0.9%, compared to 2.6% for 2025-26, 5.9% for 2024-25 and 7% for 2023-24.
The lower level of preleasing compared with the May averages from 2022-24 “sets the stage for a busy summer leasing season as Yardi 200 schools will need approximately 177,500 additional leases to achieve 95% occupancy,” according to a new national report from Yardi Matrix.
The report also notes that the consistent per-bed rent increases over the past nine months represent “an encouraging signs of stabilization, as rents declined over summer during the previous two leasing cycles.”
On the investment front, the number of beds sold through the first half of May totaled 37% less year over year than in 2025. However, two deals totaling more than $2.4 billion were announced in the past month, shifting the outlook for the year.
More information about the student housing leasing and investment environment is available in the Yardi Matrix Student Housing National Report for June 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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