Read the latest Yardi Matrix Student Housing Market Report.
Estimated preleasing reached 93.7% as of August, according to the latest Yardi Matrix national student housing report.
Report highlights
- Preleasing at Yardi 200 reached 93.7% in August, 200 basis points higher year-over-year
- Annual rent growth increased to 1.1%, from 1% in July
- The average rent per bed clocked in at $903, down $2 from the previous month
- A total of 71 student housing communities traded, down from 86 from the same period last year
Preleasing rises above last year’s occupancy rate
Surveyed preleasing for Yardi 200 universities reached 93.7% as of August, marking a 200-basis-point increase year-over-year. This figure was also 10 basis points above the final occupancy recorded last September and higher than the ones registered during the past two years.
Since many schools had not yet started classes at the time of the last survey, final fall 2025 occupancy figures are still being revised. Looking ahead, experts warn that cuts to university funding and tighter restrictions on international students could shrink the international student population by 30 to 40% over the coming years.
Thirty-six universities were more than 99% preleased in August, compared to only 25 during the same month of last year. UCLA, San Jose State and Florida Atlantic University are some of the schools that were already fully occupied.
Rent growth steadies, sees slight increase
In August, the average advertised asking rent per bed at Yardi 200 universities clocked in at $903, down 1.7% from the $919 peak in March, but up 1.1 percent year-over-year. This is the first time this leasing season where rent growth improved month-over-month, increasing 10 basis points.
Despite rent growth slowing throughout the leasing season, there were 65 schools that recorded stronger rent growth as the season ended. University of Florida started the season with a 0.5 percent decline and climbed to an 8.4 percent increase in August, while the University of Washington posted an increase from -3.5 percent to 2.6 percent.
A total of 91 universities within Yardi 200 posted higher preleasing levels than their September 2024 occupancy rate, among which 20 markets were more than 10 percent ahead. University of Memphis (31.1%), University of Cincinnati (27.6%) and University of Notre Dame (19.1%) posted the highest year-over-year preleasing growth.
However, 17 universities were 10% or more behind last year’s occupancy levels, including Texas A&M University-Corpus Christi (86.5%, 12.3% behind) and the College of Charleston (83.2%, 13.9% behind). University of Texas at Arlington (70%, 18% behind) trailed the most.
Year-to-date as of August, the national student housing transaction activity comprised 71 deals. That’s down from 86 properties changing hands during the same period last year, partly because 2025 saw fewer portfolio trades, with just one transaction involving three or more assets.
Read the full Yardi Matrix National Student Housing Market Report: September 2025.
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