{"id":5646,"date":"2023-02-17T14:32:36","date_gmt":"2023-02-17T14:32:36","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5646"},"modified":"2024-03-12T16:28:55","modified_gmt":"2024-03-12T16:28:55","slug":"national-student-housing-market-report-q1-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-student-housing-market-report-q1-2023\/","title":{"rendered":"National Student Housing Market Report \u2013 Q1 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/student-housing-market-report\/\">Student Housing Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<p><em>With record-breaking preleasing and rent <strong>growth<\/strong> at the end of 2022, student housing is off to a good start in the new year.<\/em><\/p>\n<h2>Report highlights:<\/h2>\n<ul>\n<li>Preleasing for the fall 2023 school year has <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/national-student-housing-market-report-q4-2022\/\">set a new record for December<\/a><\/strong>, as 48% of bedrooms were already leased<\/li>\n<li>Rent growth remained strong and reached 4.7% year-over-year as of December<\/li>\n<li>A slowing economy is impacting new supply: the development pipeline at Yardi 200 universities decreased by more than 3,000 bedrooms from December to January<\/li>\n<\/ul>\n<h2>The market\u2019s strong performance carries over into 2023<\/h2>\n<p>As of December, 48% of beds at Yardi 200 universities were leased, with one-third of institutions having at least a 50% preleasing rate, according to Yardi Matrix data. This represents a 16.3% increase since 2021\u2019s record high, a new record for the market and paving the way for another best-performing year.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5649 size-full\" src=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/02\/Student-Housing-Image-1.jpg\" alt=\"National Student Housing Market Report Q1 2023\" width=\"857\" height=\"533\" srcset=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/02\/Student-Housing-Image-1.jpg 857w, https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/02\/Student-Housing-Image-1.jpg?resize=300,187 300w, https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/02\/Student-Housing-Image-1.jpg?resize=768,478 768w\" sizes=\"auto, (max-width: 857px) 100vw, 857px\" \/><\/p>\n<p>Leasing was strong across schools of all sizes, with five universities achieving preleasing rates that exceeded 90% as of December, including the University of Wisconsin Madison, the University of Tennessee Knoxville and Purdue University. That same month, Johns Hopkins University (66.7%), Texas Christian University (60.1%) and University of Arkansas (54.2%) registered the biggest jumps in year-over-year percentage of beds preleased.<\/p>\n<h2>December annual rent growth breaks record<\/h2>\n<p>Despite rent growth giving signs of cooling in September 2022, numbers have risen since. In the last month of 2022, annual rent growth at Yardi 200 universities reached 4.7%\u2014the highest on record for December. The average rent per bed reached $800 in the last month of 2022, marking a $2 increase since the previous month.<\/p>\n<p>Purdue University registered the largest annual rent growth in December, reaching 22.6%, fueled by a strong 91.1% preleasing rate. Only a few schools saw negative annual rent movement in the last month of 2022, including Bowling Green State University.<\/p>\n<h2>New supply pipeline shrinks<\/h2>\n<p>Rising interest rates are impacting the student housing market. In January 2023, roughly 124,000 beds were in various stages of development across Yardi 200 universities. The pipeline shrunk by 3,000 bedrooms since December, a 2.6% decrease.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5648 size-full\" src=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/02\/Student-Housing-Image-2.jpg\" alt=\"National Student Housing Market Report Q1 2023\" width=\"856\" height=\"704\" srcset=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/02\/Student-Housing-Image-2.jpg 856w, https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/02\/Student-Housing-Image-2.jpg?resize=300,247 300w, https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/02\/Student-Housing-Image-2.jpg?resize=768,632 768w\" sizes=\"auto, (max-width: 856px) 100vw, 856px\" \/><\/p>\n<p>Maintaining its leading position as most beds under construction, The University of Texas at Austin had six properties and 5,000 beds in the making at the beginning of 2023. The school\u2019s student housing fundamentals are strong, with 59.6% of beds preleased in December and an annual rent growth of 5.5%.<\/p>\n<p>In January, 50,000 bedrooms were in the making at Yardi 200 schools and experts are predicting construction starts to slow in the months to come. Deliveries increased slightly, with 23,000 bedrooms completed in the past year.<\/p>\n<p>For investors that are looking to deploy capital, the student housing sector remains a solid option. In 2022, student housing sales totaled $5 billion\u2014slightly lower than in 2021. The average sales price per bed also decreased from the previous year, reaching $76,500.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3346-MatrixStudentHousingReport-Q12023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Student Housing Report-Q1 2023<\/strong><\/a>.<\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>With record-breaking preleasing and rent growth at the end of 2022, student housing is off to a good start in the new year. Report highlights: Preleasing for the fall 2023 school year has set a new record for December, as 48% of bedrooms were already leased Rent growth remained strong and reached 4.7% year-over-year as [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,22],"tags":[422],"class_list":["post-5646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-student-housing-market","tag-student-housing-outlook"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Student Housing Market Report \u2013 Q1 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"With record-breaking preleasing and rent 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