Read the latest Yardi Matrix Student Housing Market Report.
Estimated preleasing reached 85.3% in June, according to the latest Yardi Matrix national student housing report.
Report highlights
- Preleasing at Yardi 200 reached 85.3% in June, up 160 basis points year-over-year
- Annual rent growth dropped to 1.3%, the lowest since April 2021
- The average rent per bed was $909, down from the $918 registered last month
- A total of 50 communities traded in the first half of the year, with the average price per bed reaching almost $94,000
College enrollment set to grow
Preleasing activity across the Yardi 200 universities for the next academic year continued to outpace last year’s figures, clocking in at 85.3%, up 1.6% year-over-year and 20 basis points above the June 2023 index.
Fifty schools have already surpassed the 90% preleasing threshold, with 27 of them matching or exceeding last September’s occupancy levels. Notably, 10 institutions are already fully preleased, including the University of Mississippi.
College enrollment is projected to grow this year, as the number of high school graduates peaked. However, the sector faces headwinds from cuts in federal education funding and reductions in student loan availability. Additionally, a decline in international student enrollment is anticipated.
Annual rent growth continues to drop
In June, the average advertised rent per bed at Yardi 200 institutions stood at $909—up 1.3% year-over-year, but slightly below the $918 recorded in May. Rent growth has continued to slow as operators prioritize filling remaining beds before the academic year begins. Since January 2020, the average rent per bed has climbed by 23%.
A total of 34 schools were at least 10% ahead of last year’s preleasing pace, down from 40 in May. The University of Cincinnati led nationally with a 23.9% increase, followed by SUNY at Albany (22.2%) and UC Berkeley (21.8%).
At the other end of the spectrum, 20 markets lagged behind by 10% or more compared to last year, a slight improvement from the 24 universities registered in the previous month. Among the larger institutions falling behind were Purdue University (87% preleased, 9.7% below last year), University of North Texas (76.6%, 6.4% behind), and University of Arizona (83.6%, 6.2% behind).
In terms of investment activity, 50 student housing properties changed hands year-to-date through June—fewer than in the past two years. However, the total number of beds traded was higher and the average price per bed rose significantly, from a 2020–2024 average of $73,500 to nearly $94,000.
At the end of the first half of the year, there were 19,527 beds under construction across 1,500 universities. An additional 16,669 beds were in the planning phases, while over 34,000 were classified as prospective.
Read the full Yardi Matrix National Student Housing Market Report: July 2025.
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