EstiEstimated final occupancy was 95.1% as of September, according to the latest Yardi Matrix national student housing report.
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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