{"id":6200,"date":"2023-08-25T13:14:32","date_gmt":"2023-08-25T13:14:32","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6200"},"modified":"2024-03-11T14:37:43","modified_gmt":"2024-03-11T14:37:43","slug":"national-student-housing-market-report-august-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-student-housing-market-report-august-2023\/","title":{"rendered":"National Student Housing Market Report \u2013 August 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<h2>Report highlights<\/h2>\n<ul>\n<li>Preleasing and rent growth slightly decelerated in July, but were still high<\/li>\n<li>Preleasing at Yardi 200 schools exceeded 90%<\/li>\n<li>Rents reached a new record high for mid-summer, at $849 per bedroom<\/li>\n<li>Transaction volume for the first half of the year was <a href=\"https:\/\/www.yardimatrix.com\/blog\/student-housing-outlook-solid-as-preleasing-rebounds\/\"><strong>down by more than 73%<\/strong><\/a> compared to 2022<\/li>\n<\/ul>\n<p>As the 2023-2024 schools year inches closer, student housing remains one of the most successful real estate asset class, with all signs indicating toward the sector being in a favorable position in the prospect of a possible recession.<\/p>\n<p>Preleasing at Yardi 200 universities reached nearly 91% in July, marking a 4.6% growth since June and on par with 2022 levels. While both preleasing and rent growth have slightly slowed in July, Yardi Matrix projects that final occupancy will reach last year&#8217;s level, averaging at 96%.<\/p>\n<p>High interest rates have put their toll on student housing investment. The number of bedrooms sold across Yardi 200 schools year-to-date through July decreased by 73.1% on a year-over-year basis. Prices were also 10.0% lower than in the first half of 2022.<\/p>\n<h2>The average preleasing rate exceeded 90% in July<\/h2>\n<p>Preleasing for the Fall 2023 school year kicked off with unprecedented strength, leading to record-breaking rates. In July the average rate reached 90.9%, marking the first month when preleasing was lower year-over-year.<\/p>\n<p><iframe id=\"datawrapper-chart-pwTFz\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Preleasing and rent growth July 2023\" src=\"https:\/\/datawrapper.dwcdn.net\/pwTFz\/1\/\" height=\"721\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>A total of 21 universities at Yardi 200 were fully leased in mid-summer, while another 45 schools had a preleasing rate of at least 95%. Ohio University, University of Southern Mississippi and the University of Mississippi registered the largest annual growth in percentage of beds preleased.<\/p>\n<p>Still, there were some schools that had a hard time achieving desirable preleasing rates. A total of 13 universities had preleasing at least 10% behind July 2022 rates, while 25 schools were less than 80% leased for the upcoming school year. Many of these universities recorded a decline in enrollment recently.<\/p>\n<h2>Student housing rents reached new record highs in July<\/h2>\n<p>The unprecedented preleasing rate early in the school year increased manager confidence and, implicitly, rents have gone skyrocketing. The average rent at Yardi 200 institutions reached $849 per bed in July, a new high for the sector and up 7.1% since the same period last year. A total of 38 universities recorded double-digit rent growth, while 33 schools showed declines.<\/p>\n<p>The schools with the highest rent growth had also strong preleasing rates, the top six universities recording and average preleasing rate of 99.9%. Annual rent growth surpassed 20% at three Yardi 200 schools, namely Purdue University, the University of Arkansas and Arizona State University. The University of Southern California had the lowest, -11.3% rent growth across Yardi 200 institutions.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4219-MatrixStudentHousingReport-August2023\" target=\"_blank\" rel=\"noopener\">Matrix Student Housing Report-August 2023<\/a><\/strong>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Report highlights Preleasing and rent growth slightly decelerated in July, but were still high Preleasing at Yardi 200 schools exceeded 90% Rents reached a new record high for mid-summer, at $849 per bedroom Transaction volume for the first half of the year was down by more than 73% compared to 2022 As the 2023-2024 schools [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6244,"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-6200","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 August 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Student housing preleasing neared a record high in July, with rent growth ahead of last year, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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