Real Estate Trends Student Housing Market

Student Housing Preleasing Exceeds 80% in May

Student Housing Preleasing Exceeds 80%
Photo by Priscilla Du Preez/Unsplash

Record-High Preleasing Rates

The student housing industry’s outstanding performance continued in May, the most recent Yardi Matrix data reveals. While all market fundamentals were strong, record-high preleasing rates for the upcoming term were exceptionally robust.

As of May, the average percentage of beds preleased at Yardi 200 schools reached a new all-time high for this period, at nearly 82.1%.  Month-over-month, the average preleasing rate marked a 6.9% increase.

The percentage of bedrooms preleased at Yardi 200 universities surpassed May 2022 and 2021 levels by 2.6% and 13%, respectively. Fourteen schools with at least four properties were more than 95% preleased in May, including three universities that were fully preleased for the upcoming fall term.

Four universities with at least four properties registered a more than 20% jump in preleasing since the same period last year, led by the University of Mississippi (33.6% growth in preleasing), followed by the University of Southern Mississippi (32.6%), Ohio University (28.2%) and Johns Hopkins University (23.6%). Nine of the top 10 schools for year-over-year preleasing growth were at the R1 research level.

Fully Preleased Universities

Based on actual preleasing rates achieved as of May, the University of California-Irvine, Texas Christian University and The University of Tennessee-Knoxville were 100% leased for the upcoming term. Purdue University was also nearly fully preleased at 99.8%, tailed by the University of Wisconsin-Madison (98.8%) and the University of Arkansas (98.7%).

While all of the top schools based on preleasing are research institutions, most are also part of athletic conferences. Ranking high up on the preleasing list are Texas Christian University (Big 12), The University of Tennessee-Knoxville (SEC), Purdue University (Big Ten), the University of Wisconsin-Madison (Big Ten) and the University of Arkansas (SEC), with preleasing rates at all these institutions exceeding the 95% mark.

About the author

Beata Lorincz

With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.

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