Preleasing reached 71.6% in April, according to the latest Yardi Matrix national student housing report.
Report highlights
- Preleasing at Yardi 200 reached 71.6% in April, up 200 basis points from March
- Annual rent growth increased to 1.2%, marking the second consecutive monthly acceleration
- The average advertised rent per bed rose to $931
- Operators reported a more competitive leasing environment due to new supply and softness in conventional multifamily markets
Preleasing remains ahead of last year despite increased competition
Student housing preleasing for the 2026-2027 academic year reached an estimated 71.6% in April, up from 69.6% in March. Although leasing activity continues to track ahead of last year, the pace has slowed relative to the previous three years as operators contend with increased competition from newly delivered communities and weakness in the conventional apartment sector.
April’s month-over-month increase of 7.6% was below the average 8.6% growth recorded from January through March. While preleasing patterns remain similar to recent years, leasing activity has recently begun to trail the stronger performances recorded in 2022 through 2024.
Several universities are nearing last year’s final occupancy levels. Virginia Tech led reporting markets at 97.2% preleased, followed by the University of Missouri at 93.7%, Western Carolina at 93.3% and Penn State at 92.7%. Cincinnati, Iowa and Clemson were among the schools posting some of the strongest year-over-year gains.
Meanwhile, some markets continue to lag. Houston, UT-Arlington, Cornell University, Sam Houston State University and UC Berkeley remained among the lowest-preleased markets in April. Several universities with large development pipelines under construction, including NC State, Tennessee, Central Florida, Arizona State and Purdue, also trailed last year’s leasing pace.
Rent growth improves for a second consecutive month
Average asking rent reached $931 per bed in April, representing 1.2% year-over-year growth. Although growth remains well below the levels recorded during the peak leasing years of 2023 and 2024, April marked the first time since early 2023 that annual rent growth accelerated for two consecutive months. Growth increased from 0.4% in February to 0.8% in March and 1.2% in April.
Same-store rent growth improved to 0.4% in April after registering 0.0% in March and -0.2% in February. The disparity between same-store growth and overall asking rent growth suggests that leased-up properties are driving much of the pricing strength seen this spring.
Among the strongest-performing rent-growth markets, Utah State posted 7.8% annual growth, followed by James Madison at 7.6% and Iowa State at 6.6%. Several markets that had experienced significant rent pressure earlier in the year also improved, including Northern Arizona, Baylor, Tennessee and the University of Michigan.
Read the full Yardi Matrix Student Housing Market Report: May 2026.
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