Preliminary September occupancy matched last year’s level, but an updated estimate suggests the 2026–2027 academic year could finish substantially lower as new supply weighs on performance.
Report highlights
- Preliminary occupancy across Yardi 200 schools reached 94.5% in September, matching September 2025, while an alternative methodology estimates 92.1%
- More than 31,000 dedicated off-campus bedrooms were delivered in 2026, a 20% increase from 2025
- Average advertised rent declined to $928 per bedroom, with annual rent growth reaching 1.6% and same-store leasing-season growth averaging 0.5%
- The 10 markets with the most 2026 deliveries recorded 92.8% occupancy, down 300 basis points year-over-year
Occupancy estimates reveal uneven market conditions
Preliminary September occupancy across the Yardi 200 reached 94.5% for the 2026–2027 academic year, matching both September 2025 and the historical average since 2019. However, the initial figure is likely to be revised downward as more occupancy information becomes available. An updated trending methodology under development estimates final occupancy at 92.1%, 240 basis points below September 2025.
The weaker projection follows a leasing season characterized by substantial new development and softer demand in several major markets. More than 31,000 dedicated off-campus bedrooms were delivered during 2026, representing a 20% annual increase. Half of the newly completed projects reached full occupancy, but overall occupancy for 2026 deliveries averaged 84.1% in September, compared with 95.3% for properties delivered in 2025 at the equivalent point last year.
Across the Yardi 200, 36 university markets were estimated to be fully occupied in September. Stronger-performing markets included Oklahoma, Washington and Virginia Tech. Another 38 markets recorded estimated occupancy below 90%, reflecting pressure from new supply and enrollment declines. Among recovering markets, UNC Charlotte reached 98.3% occupancy, up from 91.8% in 2025, while Boise State improved to 98.2% from 92.6%.
Development activity remains concentrated in several large university markets. North Carolina State recorded 81.3% occupancy after adding 2,195 bedrooms during 2026, while UC Berkeley reached 89.7% following 1,430 deliveries. Purdue’s occupancy declined to 88.2%, compared with 94% in 2025 and 99.5% in 2024, as the market absorbed additional supply. Another 3,673 beds remain under construction there.
Rent growth remains limited amid supply expansion
Average advertised rents at Yardi 200 universities stood at $928 per bedroom in September, declining from a summer peak of $931. Although annual rent growth reached 1.6%, the increase partly reflects falling rents during summer 2025. Across the current leasing season, average rent growth was 1.2%, down from 2.6% in 2025–2026 and 5.9% in 2024–2025. Same-store growth was weaker at 0.5%.
Rent performance continued to diverge sharply. Only 32 university markets recorded same-store increases above 5%, compared with 57 last year and 100 in 2024. Oklahoma State posted 11.4% leasing-season growth, with average rents at $671 per bedroom, while Louisville registered 9% growth to $756. Conversely, Purdue recorded an 8.2% leasing-season decline, while Arizona State fell 6% and North Carolina State declined 3.3%.
Enrollment trends added pressure to supply-heavy markets. The 10 university markets receiving the most deliveries in 2026 accounted for more than 17,000 new bedrooms and recorded a combined 1.2% same-store rent decline during the leasing season. Among eight universities in this group reporting enrollment figures, student counts fell an average of 0.5%, compared with 1.8% growth in 2025. These markets have another 18,500 bedrooms under construction for 2027, potentially extending the current occupancy and rent challenges.
Read the full Yardi Matrix National Student Housing Market Report: October 2026.
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