{"id":6606,"date":"2023-11-24T11:25:58","date_gmt":"2023-11-24T11:25:58","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6606"},"modified":"2024-05-23T13:58:13","modified_gmt":"2024-05-23T13:58:13","slug":"national-student-housing-market-report-november-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-student-housing-market-report-november-2023\/","title":{"rendered":"National Student Housing Market Report \u2013 November 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>The fall 2023 semester closed with a final occupancy of 94.6%, <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-student-housing-market-report-q4-2022\/\"><strong>1.6% lower than the previous year<\/strong><\/a><\/li>\n<li>Preleasing for the 2024-2025 school year commenced at a record-high pace, with 25.2% of Yardi 200 beds preleased for the upcoming semester<\/li>\n<li>The October average asking rent per bed reached $854 per bed at Yardi 200 markets, up 6.6% year-over-year<\/li>\n<\/ul>\n<h2>Strong start for preleasing<\/h2>\n<p>At the end of the fall 2023 school year student housing occupancy rates settled lower than in the previous season, falling 1.6%, to reach 94.6%. This can be attributed in part due to late deliveries and subsequent struggles in leasing freshly delivered product. Occupancy rate in new properties that delivered in 2023 averaged at 81.7% for the fall 2023 semester.<\/p>\n<p><iframe id=\"datawrapper-chart-DAPgb\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Student Housing Preleasing and Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/DAPgb\/2\/\" height=\"527\" 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>As Yardi Matrix gradually gathers enrollment rates from universities for the current academic year, a growth in enrollment seems to reveal itself. With data from 118 schools as of October, the average enrollment growth was 0.9%. Compared to last year\u2019s 0.4% decline, the rise in new students represents a is a significant boost.<\/p>\n<p>Investment activity was still low: year-to-date through October, 66 dedicated student housing properties changed hands, compared to more than 200 at this point in 2022. Prices were also declined, decreasing from $76,095 year-to-date through October 2022 to $71,703 per bed in the same period in 2023.<\/p>\n<p>As of October, 25.2% percent of beds at Yardi 200 were preleased for the 2024-2025 school year, marking a 15% increase year-over-year. A total of 14 universities recorded a preleasing rate of at least 40% in the first month of the new season, with rent growth averaging at 10.8% across these markets. Oppositely, 33 schools haven\u2019t started preleasing or had a 0% rate at the end of October. Across these markets, rent growth reached only 2.6%.<\/p>\n<p>The top three markets for annual rent growth in percentage preleased as of October were Ohio University-Main Campus (97.7%), University of Wisconsin\u2013Madison (43.0%) and Washington University in St Louis (34%).<\/p>\n<h2>Rents for the 2024-2025 school year also increased<\/h2>\n<p>Additionally to preleasing being significantly ahead of last year\u2019s average, rent growth also reached 6.6% in October\u20141.9% higher than at this point in 2022. Rents per bed at Yardi 200 were $854, compared to $801 in October 2022. Rents for the new academic year started off around the amount they ended the fall 2023 leasing season.<\/p>\n<p>Rent growth was more market-specific, with 37 schools recording double-digit annual rent growth through October, while 34 schools had negative rent growth at an average of -2.5%. Large primary state universities that had a good performance in the previous year had the highest rent growth in October, including Purdue University, the University of Tennessee and Arizona State University. Those markets that failed to reach a 90% occupancy for the fall 2023 term registered rent declines. This list comprised the University of Louisville, University of Nevada-Reno, University of Nebraska and University of Southern Mississippi.<\/p>\n<p>Read the full\u00a0<strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4778-MatrixStudentHousingNationalReport-November2023\">Matrix Student Housing Report-November 2023<\/a><\/strong>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Report highlights The fall 2023 semester closed with a final occupancy of 94.6%, 1.6% lower than the previous year Preleasing for the 2024-2025 school year commenced at a record-high pace, with 25.2% of Yardi 200 beds preleased for the upcoming semester The October average asking rent per bed reached $854 per bed at Yardi 200 [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6608,"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-6606","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 November 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Preleasing for the Yardi 200 hit 25% in October, 15% ahead of preleasing at the same time last year, according to Yardi Matrix data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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