Estimated preleasing reached 89.1% as of July, while annual rent growth accelerated to 2%, according to the latest Yardi Matrix national student housing report.
Report highlights
- Preleasing across Yardi 200 universities reached an estimated 89.1% in July, 100 basis points above the revised year-ago level
- A total of 117 markets were at or above their July 2025 preleasing pace
- Advertised rent remained unchanged at $930 per bed for a sixth consecutive month
- The Midwest led regional preleasing at 90.9%, up 230 basis points year-over-year
Preleasing improves from earlier in the season
Preleasing activity for the 2026–2027 academic year across the Yardi 200 reached an estimated 89.1% in July, 100 basis points above the revised July 2025 level. The July reading was also above the levels recorded during the previous two years. This marked an improvement from earlier in the leasing season, when the sector had begun to trail prior-year performance.
Most markets were keeping pace with or exceeding last year’s results. A total of 117 Yardi 200 markets were at or above their July 2025 preleasing levels, including 35 that were more than 10 percentage points ahead. Twenty markets were estimated to be 99% preleased. Among the markets trailing last year, 25 were at least 10% behind, while 35 remained below 80% preleased.
The Midwest led the regions at 90.9% preleased, up 230 basis points year-over-year. The Southeast reached 88.9%, increasing 100 basis points. The Northeast matched the national rate at 89.1% but remained flat, while the West was the only region behind last year, declining 40 basis points to 87%.
Western Carolina was 99.8% preleased, followed by Central Michigan at 99.4%, the University of Maryland at 97.9% and Boise State at 96.3%.
Conversely, North Carolina State was 78.5% preleased and 15.9 percentage points behind last year. Purdue reached 81.4%, down 10.3 points, while Arizona State was 81.9%, down 8.1 points. Delaware registered 71.1%, 16.3 points behind.
Rent growth rises while asking rents hold steady
Advertised rents across the Yardi 200 averaged $930 per bed in July, remaining unchanged for a sixth consecutive month. Annual rent growth nevertheless accelerated for the fourth straight month to 2%.
The acceleration largely reflects a 1.6% decline in rents between March and August 2025 rather than renewed monthly rent increases. Since October 2025, annual rent growth has averaged 1%, compared with 2.7% during the 2024–2025 leasing season and 5.9% in 2023–2024.
The Northeast led annual rent growth at 3%, bringing average rent to $1,039 per bed. Midwest rents rose 2.5% to $873, Southeast rents increased 1.6% to $882 and West rents grew 1.4% to $1,094. Despite several years of deceleration, advertised rents remain at a record high, increasing 8.1% over the past three years and 21.9% over the past five years.
New supply is increasingly concentrated in larger student housing markets, placing pressure on schools with the most dedicated off-campus beds and weighing more heavily on national performance. Arizona State had 5,150 beds under construction, followed by the University of Central Florida with 4,338 beds and Purdue with 4,182 beds.
Fall 2026 enrollment figures were not yet available, but the report cited indications of declines in international student enrollment. Several challenged markets serve schools with large international populations, including Arizona, Arizona State, Michigan and North Texas.
Read the full Yardi Matrix National Student Housing Market Report: August 2026.
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