Estimated preleasing reached 65.5% as of March, according to the latest Yardi Matrix national student housing market report.
Report highlights
- Preleasing at Yardi 200 hit 65.5% in March, 340 basis points ahead of last year’s final March estimate
- Annual rent growth improved to 0.8%, up from 0.4% in February
- The average advertised rent per bed rose to $928
- Several strong rent-growth markets benefited from enrollment gains outpacing new supply
Yardi Matrix also released historical and forecasted on-site enrollment data for the Yardi 200, stripping out online-only students. The data shows that total enrollment growth since 2019 has been driven largely by online enrollment, while only primary state schools recorded on-site enrollment growth.
Preleasing data sends mixed signals
Preleasing activity for the 2026 academic year across the Yardi 200 schools reached 65.5% in March. That rate was 340 basis points ahead of the final estimate for March 2025 and in line with March 2024, though early-season estimates are expected to shift as more data is collected.
The March figure also trails preliminary preleasing estimates reported in the April reports from the prior two years. Among schools with stronger survey coverage, Virginia Tech led the country at 95.5% preleased. University of Missouri and James Madison University followed, both at 88.4%, while Penn State reached 87.3% and Clemson University clocked in at 85.2%.
At the opposite end, Houston and UT-Arlington registered some of the lowest preleasing levels, at 28.1% and 28.9%, respectively. UNC-Greensboro stood at 40.2%, followed by Sam Houston (44.9%), UT-San Antonio (46.3%) and North Texas (47.6%). Despite the lower levels, most of these schools were trending close to last year’s pace.
Several universities were well ahead of last year’s preleasing rate. Ohio State posted the largest year-over-year gain, up 19.9% to 74.9% preleased. University of Oklahoma followed with 76.4% preleasing, up 18.8%, while University of Iowa reached 81.9%, up 17.9%. In many of these markets, improving preleasing reflects a rebound after recent new supply pressured occupancy.
However, new development continues to weigh on some markets. North Carolina State was 59.6% preleased, down 10.7% year-over-year. University of Tennessee-Knoxville reached 67.5%, down 9.9%, while Purdue University, University of Arkansas and University of Central Florida were also behind last year’s pace. Each of these markets has multiple properties under construction and more than 1,600 beds expected to deliver in 2026 and 2027.
Rent growth remains below previous years
Average rent per bed across the Yardi 200 rose to $928 in March, up 0.8% year-over-year. That was an improvement from 0.4% in February and 0.7% in January, but still far below the 2.6% recorded in March 2025 and the 6.3% posted in March 2024.
Rent growth for the 2026–2027 leasing season has averaged 0.7% since October. That compares to 2.6% during the previous leasing season, and 5.9% for the 2024 academic year.
Still, several markets continued to outperform. Auburn University posted 8.3% rent growth in March, supported by more than 3,000 students added over the past three years and only 1,400 new beds. Nevada-Reno recorded 8.2% growth, with enrollment also up more than 3,000 students since 2022 and only 734 beds added.
Georgia Southern and University of Kansas each posted 6.1% rent growth, helped by enrollment gains of more than 3,300 students over the past three years. Louisiana State University recorded 5.2% rent growth after adding more than 6,000 students since 2022, while only 400 new beds came online.
Read the full Yardi Matrix National Student Housing Market Report: April 2026.
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