Preleasing for the 2026–2027 academic year reached 58.6% in February, reflecting another solid start to the leasing cycle, according to the latest Yardi Matrix student housing report.
Report highlights
- Preleasing reached 58.6% in February, ahead of the 54.2% registered during the same month of 2025
- Average rent per bed was $925, registering a 0.4% year-over-year growth
- Leasing-season rent growth slowed to 1.2%, down from 1.9% last year
- New supply is projected at 28,167 beds for the 2026–2027 academic year
Preleasing remains solid, but normalization is underway
Although preleasing is trending ahead of last year’s final figures, the current pace is slightly below prior leasing cycles when measured against early estimates. January’s preleasing, for example, was revised downward from 52.3% to 49.7, as more data was collected.
Leasing activity varies widely by market. Leading universities include Virginia Tech (94.6%), James Madison (89.1%) and the University of Missouri (87.3%), while Auburn (82.9%), Kentucky (81.5%) and Penn State (80.4%) are also well ahead of pace.
Markets showing the strongest year-over-year gains include Georgia Tech (+27%), Wisconsin (+19.4%) and Virginia Tech (+19.2%), signaling recovery in several supply-heavy markets. However, some universities—including Tennessee, Purdue and NC State—continue to trail last year’s leasing pace.
Rent growth slows amid rising competition
Rent growth continued its downward trend, with year-over-year growth at 0.4% in February, as operators compete more aggressively to secure early leases. Nearly half of markets experienced further deceleration from January, and 89 universities reported rent declines, highlighting the broad-based nature of the slowdown.
Still, a handful of markets are outperforming. Ole Miss (10.6%), Oklahoma State (9.8%) and Auburn (8.3%) continue to post strong gains, supported by favorable fundamentals and limited competition.
Looking ahead, supply growth remains a key factor shaping market conditions. While 28,167 beds are expected to deliver for the upcoming academic year, the total remains below long-term averages. Combined with steady enrollment growth, the student housing sector is poised to remain stable, even as fundamentals moderate from recent peaks.
Read the full Yardi Matrix Student Housing National Report: March 2026.
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