Estimated preleasing reached 93% in August for the 2026–2027 academic year, while leasing-season rent growth slowed to 1.1%.
Report highlights
- Preleasing at Yardi 200 schools reached 93%, 80 basis points above the final August 2025 estimate
- Twenty-eight markets were fully preleased, with final occupancy projected at approximately 94% to 94.5%
- Average advertised rent fell to $927 per bed, while annual rent growth held at 2%
- Enrollment among 38 reporting schools increased 0.6% to 1.1 million students
Preleasing points to solid fall occupancy
Preleasing across the Yardi 200 reached 93% in August, placing the current leasing season ahead of the final August 2025 estimate by 80 basis points and August 2024 by 120 basis points. Although the preliminary figure could move as September occupancy is finalized, historical revisions suggest final occupancy will settle near 94% to 94.5%. Nearly 320 individual properties reported being fully preleased.
Market performance favored higher-quality assets and properties closest to campus. Class A communities were 93.8% preleased, compared with 92.1% for Class B and 91.7% for Class C. Properties within 0.25 miles of campus reached 93.4% preleasing, and those between 0.25 and 0.5 miles reached 93.2%. By contrast, communities more than 2 miles away were 88.7% preleased and 110 basis points behind last year.
Twenty-eight markets reported 100% preleasing, while another 11 were above 99%. University of Maryland and Auburn were fully preleased, University of Missouri reached 99.9%, and Virginia Tech stood at 99.8%. At the other end of the range, 52 schools were below 90% and 21 were below 80%. Utah Valley, Syracuse, Delaware and North Carolina State were among the most notable markets lagging behind. NC State’s 78.8% rate followed the delivery of 2,195 beds in August, with another 970 beds under construction for 2027.
Rent growth remains elusive
Average advertised rent declined to $927 per bed in August, from $929 in July and $930 in June. The 0.2% monthly decrease brought rents to their lowest level since January 2026. Annual growth held at 2%, but the leasing-season average slowed to 1.1%, compared with 2.8% for the 2025–2026 season and 5.9% for 2024–2025. Same-store growth was softer at only 0.4% since October 2025.
Properties closest to campus also retained the most pricing power. Assets within 0.25 miles averaged 1.6% rent growth during the current leasing season, while those more than 2 miles away recorded a 1.2% decline. Market results remained highly uneven: annual rent growth was 7.7% at Auburn and Oklahoma, while Arizona posted a 7.2% decline and Purdue fell 11.4%. The report links some of the weakest results to recent development following several years of above-average growth.
Preliminary enrollment figures point to a slower demand backdrop, although results are available for only 38 Yardi 200 schools. Those institutions added 6,840 students, lifting total enrollment 0.6% to 1.1 million, versus 1.8% growth in fall 2025. Arizona State–Tempe and the University of North Texas reported declines of 7.4% and 3.6%, respectively, amid concerns about lower international enrollment. Texas Tech and Texas State grew 9.2% and 7%, continuing their recent expansion. Most schools have not yet released official fall 2026 totals.
Read the full Yardi Matrix National Student Housing Market Report: September 2026.
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