Read the latest Yardi Matrix Student Housing Market Report.
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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