Estimated preleasing reached 52.3% as of January, pointing to another solid start to the 2026–2027 leasing season, according to the latest Yardi Matrix student housing national report.
Report highlights
- Preleasing at Yardi 200 universities reached 52.3% in January, ahead of the final January 2025 estimate of 45.6%
- Annual rent growth declined 0.2% year-over-year
- Average rent per bed was $915, down 0.8% from the February 2025 peak of $922
- Enrollment at 184 of the Yardi 200 universities totaled 4.9 million, up 1.8% year-over-year
Preleasing reminds investors why the sector stays resilient
Early preleasing for the upcoming academic year continued to trend ahead of last year, though results vary significantly by market. Yardi Matrix noted that early estimates can be revised as more properties report—last year’s January preleasing was initially placed at 54.6% before settling lower.
In January, 113 school markets were pacing ahead of last year, including 64 markets that were 10% or more ahead and 26 that were 20% or more ahead. Top early performers included Virginia Tech (88.2% preleased), the University of Missouri (84.1%) and James Madison (82.7%).
At the other end of the spectrum, 65 markets trailed last year’s pace, including 28 that were 10% or more behind—often in places still absorbing new inventory. Yardi Matrix reported 39 schools were under 30% preleased in January, including markets with active construction pipelines such as Memphis (27.9% preleased; 705 beds underway), the University of Virginia (25.5% preleased; 2,359 beds), Colorado–Boulder (25.2% preleased; 1,263 beds) and Cal–Berkeley (24.8% preleased; 1,509 beds).
Rent growth weakens as developers compete early
Rent growth continued its deceleration, with rents down 0.2% year-over-year in January. Average rent per bed across the Yardi 200 was $915 and rent growth for the 2026–2027 academic year has averaged 0.2% since October 2025, far below the same period last year (3.6%) and two years ago (6.6%).
Nearly half of the Yardi 200 markets posted year-over-year rent declines averaging -4.6%, while markets posting increases averaged 3.7%. A handful of larger markets have improved leasing-season rent performance, including Washington State (1.2% leasing-season average rent growth) and the University of Florida (6.3%). However, rent pullbacks have been pronounced in major markets such as the University of Arkansas (from 10.3% last January to -9.2% this January) and North Texas (from 7.0% to -9.9%).
Read the full Yardi Matrix Student Housing National Report: February 2026.
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