Read the latest Yardi Matrix Student Housing Market Report.
Estimated preleasing reached 89.9% as of July, according to the latest Yardi Matrix national student housing report.
Report highlights
- Preleasing at Yardi 200 reached 89.9% in July, up 170 basis points year-over-year
- Annual rent growth dropped to 0.9 percent
- The average rent per bed decreased to $905, down from the $909 registered last month
- Fifty student housing properties changed hands year-to-date as of July
Preleasing continues year-over-year growth
Preleasing activity for the 2025–2026 academic year across the Yardi 200 schools reached 89.9% in July, according to the latest Yardi Matrix national student housing report. This marks a 170-basis-point increase compared to July 2024, though it trails July 2022’s rate by 120 basis points, largely due to the development pipeline.
Thirty-two universities remained below the 80% preleasing threshold in July, though many showed month-over-month improvement. Temple University (69.1%, up 7.6% month-over-month) and Sam Houston State University (77%, up 8.1% month-over-month) are some of the schools that made considerable progress.
However, 15 student housing markets are on track to be fully leased for the upcoming academic year. Among the top performers are Western Carolina (99.6%), Virginia Tech (99.6%), and University of Kentucky (99.3%).
Annual rent growth average remains behind last year’s figures
Rent growth across Yardi 200 schools slowed to just 0.9%. The average advertised asking rent fell to $905 per bed, a 1.4% decrease from the $918 peak in March, as operators struggle to lease remaining inventory. From October through July, rent growth averaged 2.8%, less than half the 5.7% recorded during the same period last year and well below the 6.9% seen in 2023.
As of July, over 80 universities experienced year-over-year rent declines—up from 73 in June and significantly higher than the 34 schools that saw drops in July 2024. Most of these markets are seeing downward pressure on rents due to recently delivered or soon-to-open housing developments.
Only 10 markets were trailing last year’s preleasing pace by 10% or more—a sharp decline from the 34 lagging schools reported in June. At the opposite pole, 59 markets are more than 10% ahead of last year’s preleasing levels, including Washington State (11.7%) and University of California at Berkeley (10.8%).
University of Cincinnati continued to post the highest year-over-year preleasing rate growth, recording a 26.5% increase. University of Pennsylvania (16.3%) and Wichita State (15.7%) rounded up the top three.
In terms of investment activity, 50 student housing properties changed hands as of July—fewer than in the previous two years. However, the total number of beds sold exceeded both 2023 and 2024 volumes. The average price per bed surged to $94,000, significantly above the $73,500 average recorded between 2020 and 2024.
Read the full Yardi Matrix National Student Housing Market Report: August 2025.
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