Estimated preleasing reached 78% as of May, according to the latest Yardi Matrix national student housing report.
Report highlights
- Preleasing at Yardi 200 reached 78% in May, up 140 basis points year-over-year
- Annual rent growth increased to 1.7%
- The average rent per bed rose to $933, up 0.2% from April
- A total of 30 student housing properties traded year-to-date as of May
Preleasing remains ahead of last year
Preleasing activity for the 2026–2027 academic year across Yardi 200 schools reached 78% in May, according to the latest Yardi Matrix national student housing report. This marked a 140-basis-point increase compared to May 2025, though the figure remained below the 79.8% May average recorded between 2022 and 2024.
With most schools wrapping up the spring semester, leasing activity will need to remain strong through the summer to reach the 93% to 96% occupancy levels recorded in the past few years. The report estimates that Yardi 200 schools will need roughly 177,500 additional leases to reach 95% occupancy.
Several markets have already matched or exceeded their previous fall 2025 occupancy levels. Northern Arizona was 93.3% preleased compared to 92.2% fall occupancy, while Iowa reached 92.1% preleasing compared to 91.4% last fall. Virginia Tech, University of Missouri, Penn State and Boise State were all within three percentage points of last year’s occupancy.
Performance remained more divided across markets. The top 50 highest-preleased markets averaged 92.1% and were 9.5% ahead of May 2025. At the other end, the 50 lowest-preleased markets averaged 54% and were 8.5% behind last year. New supply is playing a role in some slower markets, with 11 universities expecting more than 1,000 beds to deliver in 2026. Seven of those schools also added supply in 2025, and preleasing at the group was 4.5% behind last year on average.
Rent growth shows signs of stabilization
The average advertised rent per bed increased for the ninth consecutive month, reaching $933 in May. The consistency is an encouraging sign after two consecutive leasing seasons in which rents declined during the summer months.
Annual rent growth stood at 1.7% in May, up from recent levels but still modest compared to prior leasing seasons. Average leasing season rent growth for the 2026–2027 academic year was 0.9%, compared to 2.6% for 2025–2026, 5.9% for 2024–2025 and 7% for 2023–2024.
Rent growth is also becoming more polarized. The 50 highest-growth markets posted average year-over-year rent growth of 6.7% in May, while the 50 weakest markets recorded an average decline of 4.1%. Some markets posting positive rent growth are still recovering from prior declines. Nevada-Reno rents increased 8.5% year-over-year to $883 per bed, while Indiana rents rose 4.4% to $1,005 per bed.
At the opposite pole, several markets fell to multi-year lows. Purdue rents declined 10.3% year-over-year to $875 per bed, while University of North Texas rents fell 5.4% to $781 per bed. Texas State rents declined 4.1% to $768 per bed.
In terms of investment activity, 30 student housing properties totaling 16,303 beds traded as of the end of May. That was down 44% from the 51 properties and 29,248 beds sold through May 2025. Average sale prices also declined, reaching $68,300 per bed so far in 2026, after $91,750 per bed in 2025 and a record $102,000 per bed in 2024.
Read the full Yardi Matrix National Student Housing Market Report: June 2026.
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