Two-year deceleration trend continued in April; operators cite a challenging environment
SANTA BARBARA, Calif., June 3, 2026 – Preleasing activity at the Yardi® 200 schools is following the deceleration pattern of the past two years, with the 7.6% month-over-month growth recorded in April 2026 trailing the 8.6% rate in the first three months of the year.
The estimated 71.6% preleasing at the Yardi 200 schools in April was 200 basis points above the final Yardi® Matrix estimate for March but lagged the rates recorded in April 2022, 2023 and 2024. That is due to a “more challenging preleasing environment” that operators are facing compared to prior years, which stems from “competition from new supply and weakness in the conventional multifamily sector,” according to a new national report from Yardi Matrix.
Meanwhile, year-over-year rent growth measured 1.2% in April, up from 0.8% and 0.4% in March and February, respectively. This acceleration, the first over two consecutive months since early 2023, suggests that “operators are regaining confidence in pricing going into the summer leasing season,” the report says.
The preleasing pace varies considerably by schools, with some universities, including Virginia Tech, the University of Missouri, Western Carolina University and Penn State University, already approaching last year’s final occupancy levels. Other markets, such as the University of Houston, the University of Texas at Arlington, Cornell University and Sam Houston State University, are struggling to gain momentum in both preleasing and rent growth.
A recent Yardi Matrix webinar addressed key student housing issues including enrollment growth, preleasing and rent growth in the upcoming academic year, investment activity and more.
More information about the student housing environment is available in the Yardi Matrix Student Housing National Report for May 2026.
Get more in-depth information about U.S. student housing market fundamentals in the April 2026.
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