Preliminary September occupancy matched last year’s level, but an updated estimate suggests the 2026\u20132027 academic year could finish substantially lower as new supply weighs on performance.<\/p>\n\n\n\n
Preliminary September occupancy across the Yardi 200 reached 94.5% for the 2026\u20132027 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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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%.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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\u20132026 and 5.9% in 2024\u20132025. Same-store growth was weaker at 0.5%.<\/p>\n\n\n\n